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Answer the following questions. Mr . Hoosier has gathered all these data about his finances. Salary $ 1 5 9 , 0 0 0 Taxable

Answer the following questions.
Mr. Hoosier has gathered all these data about his finances.
Salary $159,000
Taxable interest $5,600
Municipal Bond interest $15,000
Total Itemized deductions $9,500
The personal exemption is $4700. The standardized deduction for a single filer is 5000.
Single Filer
If Taxable Income is Then tax is:
0-800010% of the amount over 0
8000-35,000800+15% of the amount over 8000
35000-55,0004850+20% of the amount over 35000
55000-150,0008850+30% of the amount over 55000
15000020000037350+35% of the amount over 150000
200000 and over 54850+40% of the amount over 200000
Married filing jointly:
If Taxable Income is Then tax is:
0-800010% of the amount over 0
8000-35,000800+18% of the amount over 8000
35000-55,0004850+22% of the amount over 35000
55000-150,0008850+35% of the amount over 55000
15000020000037350+37% of the amount over 150000
200000 and over 54850+45% of the amount over 200000
Please answer each question. Use numbers only, do not add % symbol.
What is his marginal tax rate?

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