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Problem 1-39 (LO 1-3) Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin

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Problem 1-39 (LO 1-3) 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). Required: a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, insteed, they report an additional $100,000 in deductions? ook sk (For all requirements, round your answers to 2 decimal places.) int Marginal tax rate Marginal tax rate rences

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