1)In 2019, Vince and Marta, married taxpayers who file a joint tax return, earned $135,000 in taxable income and $15,000 in interest from an investment in City of McCall bonds (nontaxable income).

a. Using the U.S. individual Income tax rate schedules at the front of our textbook, what is their federal income tax liability?

b. What is their effective tax rate?

2)In 2019, Linda, a single taxpayer, earned $215,000 in taxable income and $10,000 in interest from an investment in City of Burley municipal bonds (nontaxable income).

a. Using the U.S. individual income tax rate schedules at the front of our textbook, what is her federal income tax liability?

b. What would be her marginal tax rate on the next dollar of taxable income earned?