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What is their marginal tax rate on this income

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Reference no: EM133106822

Question - Jorge and Anita, married taxpayers, earn $138,500 in taxable income and $42,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly).

Required -

If Jorge and Anita earn an additional $101,000 of taxable income, what is their marginal tax rate on this income?

What is their marginal rate if, instead, they report an additional $101,000 in deductions?

Reference no: EM133106822

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