Consider the following information for a household Category Salaries $ 65,000 Interest income, corporate $ 1,000 bonds E Interest income, municipal $500 bonds State and local income taxes $800 Mortgage interest payment $3,350 Charity $ 100 Interest on education loans Value $500 personal exemptions are suspended until 2025. What I want you to do in this exercise is to compare the situation pre- and post- the new tax legislation. Do not worry about inflation for this exercise. In 2017, the standard deduction was $12,700. The personal exemption was $4,050 per person. In 2018, the standard deduction was $24,000. Personal exemptions were $0. For both years, find the respective tax brackets for joint filings and compute the following: Adjusted gross income Taxable income Average tax rate Effective tax rate Marginal tax rate