Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,000 in deductions? (For all requirements, round your answers to 2 decimal places.) Answer is complete but not entirely correct. a. Marginal tax rate 23.58 % b. Marginal tax rate 18.98 % 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,900 $ 19,900 $ 81,050 $ 81,050 $172,750 $172,750 $329,850 $418,850 $329,850 $418,850 $628,300 $628,300 - The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,200 $ 54,200 $ 86,350 $ 164,900 $209,400 $ 523,600 $14,200 $ 54,200 $ 86,350 $164,900 $209,400 $ 523,600 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $209,425 $314,150 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $314,150 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150 Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.) Muni-Bond Interest Taxpayer Mihwah Shameika Salary $ 10,000 $ 10,000 $ 50,000 $ 30,000 Total Tax $ 600 ??? Answer is complete but not entirely correct. Minimum tax $ 3,000