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Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an investment in City of Heflin bonds. (Use the U.S.
Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 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 $107,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $107,000 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) chedule Y-1-Married Filing .Jointlv or Oualifving Widnw(er) Schedule Y-2-Married Filing Senaratelv
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