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Jorge and Anita, married taxpayers, earn $162,800 in taxable income and $43,200 in interest from an investment in City of Heflin bonds. Using the U.S.
Jorge and Anita, married taxpayers, earn $162,800 in taxable income and $43,200 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?
Note: Do not round intermediate calculations. Round your percentage answers to 2 decimal places.
\begin{tabular}{|l|l|l|} \hline Federal tax & & \\ \hline Average tax rate & & % \\ \hline Effective tax rate & & % \\ \hline Marginal tax rate & & % \\ \hline \end{tabular} 2023 Tax Rate Schedules
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