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ACCT 401 Jorge and Anita, married taxpayers, earn $156,400 in taxable income and $41,600 in interest from an investment in City of Heflin bonds. Using

ACCT 401

Jorge and Anita, married taxpayers, earn $156,400 in taxable income and $41,600 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 is their current marginal tax rate? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

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