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Jorge and Anita, married taxpayers, earn $150,800 in taxable income and $40,200 in interest from an investment in City of Heflin bonds. Using the
Jorge and Anita, married taxpayers, earn $150,800 in taxable income and $40,200 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.) Federal tax Average tax rate % Effective tax rate % Marginal tax rate % Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is S over: But not over: 0 $ 19,900 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $418,850 $ 628,300 $ 81,050 $172,750 $ 329,850 $418,850 $ 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
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