Jorge and Anita, married taxpayers, earn $184,000 in taxable income and $47,500 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.)

1. Federal tax =

2. Average tax rate = _____%

3. Effective tax rate = _____%

4. Marginal tax rate = _____%

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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). (Do not round intermediate calculations. Round your answers to 2 decimal places.)

5. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? ________% 6. What is their marginal rate if, instead, they reported an additional $100,000 in deductions? _______%