Scot and Vidia, married taxpayers, earn $127,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds (Use the U.S. tax rate schedule for married filing jointly) Required: a. If Scot and Vidia earn an additional $92750 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate If, instead, they report an additional $92,750 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Marginal tax rate Marginal tax rate D 24.00 12.00% 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 S 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 129 of the excess over 59,700 S 39,475 S 84.200 $4,543 plus 229 of the excess over $39,475 S 84,200 S160,725 $14.382.50 plus 24% of the excess over $84.200 $160,725 S204.100 $32,748.50 plus 32% of the excess over $160.725 $204,100 S510,300 $46.628.50 plus 35% of the excess over $204,100 S510,300 S153.798.50 plus 37% of the excess over 5510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) Ir taxable income is over: But not over: The tax is: S 0 $ 19,400 10% of taxable income S 19.400 $ 78,950 $1.940 plus 12% of the excess over $19,400 $ 78,950 S168.400 $9.086 plus 22% of the excess over $78,950 $168.400 S321,450 528,765 plus 24% of the excess over $168.400 5321.450 $408.200 $65.497 plus 32% of the excess over 5321.450 S408,200 S612,350 593,257 plus 35% of the excess over $408,200 S612.350 $164.709.50 plus 37% of the excess over $612,350 Schedule 2 Head of Household Ir taxable income is over: But not over: The tax is: S 0 S 13,850 10% of taxable income S 13,850 5 52.850 $1.385 plus 12% of the excess over $13.850 S 52.850 $ 84,200 56,065 plus 22% of the excess over S52.850 S 84.200 $160,700 $12.962 plus 24% of the excess over $84.200 S160,700 S204,100 531,322 plus 32% of the excess over $160, 700 S204,100 5510,300 $45,210 plus 35% of the excess over S204.100 5510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2 Married Filing Separately Ir taxable income is over. But not over: The tax is: 5 0 S 9,700 10% of taxable income 59,700 $ 39,475 S970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39.475 $ 54,300 5160,723 S14,382 50 plus 249 of the excess over 584,200 $160,735 5204,100 $32,748,50 plus 329 of the excess over $160,725 5204,100 5300,175 546,635.50 plus 35% of the excess over 5204,100 5306, 175 $82.354.75 plus 37% of the excess over $306,175
