8.

5usan and 5 tan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxatie income this year was $235,000. Do not round intermediate calculation. a. What is their federal tax liability? Round your answer to the nearest dollar- $ b. What is their marginal tax rote? Round your answer to the nearest whole number. c. What is their average tax rate? found your answer to two decimal places. 2020 Indivirfaal Tau 0 wa. 1. These are the 2020 tax rates that will be paid on tax returns due Apeil 15, 2021. The income ranges at which each tax rate takes effect are indexed with inflation, so they change each year. 2. The average tax rates are always below the marginal rates, but in 2020 the average at the top of the brackets approsches 37% as taxable income rises without limit. 3. In 2018, the personal exemption for the taxpayer and dependents was eliminated. With the deduction fimitation on state and local property, income, and sales taxes and the existence of payroll taxes booal Security and Medicare taxesi, the 2020 effective tax rate will be higher than 374 . Susan and 5 tan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax tasle 3.5. Annume trat user taskle iname this year was $235,000. Do not round intermediate calculation, a. What is their federal tax liabdity? Round your-answer to the nearest dollac. 3 3. b. What is their marginal tax rate? Round your answer to the nearest whole number, c. What is their average tax rate? Hound your answer to two decimal places