Marc and Johanne are married with a 9-year-old child, who lives with them, and they financially support. In 2023, Marc and Johanne realized the following items of income:

Marcs salary $45,000 Johannes salary $185,000 Municipal bond interest income $4,200

In addition, Marc and Johanne incurred $21,750 of itemized deductions in 2023. Their employers withheld $35,000 in federal income taxes from their paychecks (in aggregate). Finally, Marc and Johannes 9-year-old child qualifies for the $2,000 child tax credit. Compute Marc and Johannes tax due or (refund) for 2023. Show all your work.

What is Marc and Johannes 2023 marginal tax rate?

What is Marc and Johannes 2023 effective tax rate?