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Problem 1-39 (LO 1-3) (Algo) Jorge and Anita, married taxpayers, earn $161,000 in taxable income and $51,000 in interest from an investment in City of

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Problem 1-39 (LO 1-3) (Algo) Jorge and Anita, married taxpayers, earn $161,000 in taxable income and $51,000 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 $111,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $111,000 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) 2021 Tax Rate Schedules Individuals

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