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What is their marginal tax rate on this income

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Reference no: EM133100941

Question - Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly).

Required -

a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income?

b. What is their marginal rate if, instead, they report an additional $100,000 in deductions?

Reference no: EM133100941

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