$1$ Homework

i

Jorge and Anita, married taxpayers, earn $$158,000$ in taxable income and $$42,000$ in interest from an investment in City of Heflin bonds. Using the U$.$S$.$ tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What ls their current marginal tax rate?

Note: Do not round intermediate calculations. Round your percentage answers to $2$ decimal places.

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