Question 3 Kennedy has a gross income of $95,000. What is her total tax due? Question 4 Alex and Tory are married and filing jointly. Their gross income is $150,000. How much do they owe in federal taxes? Answer Answer When talking about taxes, it's important to keep in mind the difference between marginal tax rate and effective tax rate. Marginal tax rate: The highest tax bracket that your taxable income falls in Effective tax rate: The actual percentage of your taxable income that you end up paying in taxes. Question 5 Aiden has a gross income of $63,000 and takes the standard deduction. Their total taxes due are $6,847.50. a) What is their taxable income? b) What is their marginal tax rate? c) What is their effective tax rate? Round to the nearest hundredth of a percent. Answer