O Problem 3-08 Personal Taxes Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $166,000. Round your answers to two decimal places a. What is their federal tax liability? b. What is thei r marginal tax rate? c. What is their average tax rate? Table 3.5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Average Tax If Your Taxable Income Is Up to S9,225 Rate at Base (Marginal Rate 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 9,225-S37.450 S37,450-$90,750 $90,750-$189,750 $189,750-S4,500 $411,500-SS413,200 Over $413,200 922.50 5,156.25 18,481.25 46,075.25 119,401.25 119,996.25 Married Couples Filing Joint Returns You Pay This Amount on the Plus This Percentage e Tax on the Excess over the If Your Taxable nc Up to $18,450 S18,450-$74,900 $74,900-S151,200 S151,200-$230,450 $230,450-S411,500 $411,500 $464,850 Over $464,850 Rate at ase (Marginal Ra 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 10.0% 13.8 19.4 22.4 27.1 28.0 39.6 0 1,845.00 10,312.50 29,387.50 51,577.50 11,324.00 129,996.50