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help me with b? i will give thumbs up. Scot and Vidia, married taxpayers, earn $242.500 in taxable income and $5.000 in interest from an
help me with b? i will give thumbs up.
Scot and Vidia, married taxpayers, earn $242.500 in taxable income and $5.000 in interest from an investment in City of Tampa bonds (Use the US, tax rate. schedule for married filing jointly). Required: a. Il Scot and Vidia earn an additional $82,500 of taxable income, what is their marginal tax rate on this income? b. What is their marginal tax rate f. Instead, they report an additional $82,500 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Answer is complete but not entirely correct. a. Marginal tax rate 2400 b. Marginal tax rate 24 00 % Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Step by Step Solution
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