5 Scot and Vidia, married taxpayers, earn $240,400 in taxable income and $5,000 in interest from...

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5 Scot and Vidia, married taxpayers, earn $240,400 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly.) Required: a. If Scot and Vidia earn an additional $80,400 of taxable income, what is their marginal tax rate on this income? b. What is their marginal tax rate if, instead, they report an additional $80,400 in deductions? Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 24.00% % 4 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $0 $ 22,000 $ 89,450 $ 190,750 S 364.200 S 462.500 $ 693,750 $ 22,000 $ 89,450 $ 190,750 $364,200 $ 462,500 $ 693,750 10% of taxable income $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750 5 Scot and Vidia, married taxpayers, earn $240,400 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly.) Required: a. If Scot and Vidia earn an additional $80,400 of taxable income, what is their marginal tax rate on this income? b. What is their marginal tax rate if, instead, they report an additional $80,400 in deductions? Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 24.00% % 4 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $0 $ 22,000 $ 89,450 $ 190,750 S 364.200 S 462.500 $ 693,750 $ 22,000 $ 89,450 $ 190,750 $364,200 $ 462,500 $ 693,750 10% of taxable income $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750