Scot and Vidia, married taxpayers, earn $240,000 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 $80,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal tax rate if, instead, they report an additional $80,000 in deductions? Note: For all requirements, round your answers to 2 decimal places. Answer is complete but not entirely correct. a. Marginal tax rate b. Marginal tax rate 24.00 % 26.98 % 2023 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,000 $ 44,725 $ 95,375 $ 11,000 $44,725 $ 95,375 $182,100 $231,250 $ 182,100 $ 231,250 $ 578,125 $ 578,125 The tax is: 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32% of the excess over $182,100 $52,832 plus 35% of the excess over $231,250 $174,238.25 plus 37% of the excess over $578,125 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: $ 0 $ 22,000 $ 89,450 $ 190,750 $364,200 $462,500 $ 693,750 $ 22,000 $ 89,450 $ 190,750 || $364,200 $462,500 $ 693,750 - The tax is: 10% of taxable income $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 15,700 $ 59,850 $ 95,350 $ 182,100 $ 231,250 $ 578,100 $ 15,700 $ 59,850 $ 95,350 $182,100 $231,250 $578,100 The tax is: 10% of taxable income $1,570 plus 12% of the excess over $15,700 $6,868 plus 22% of the excess over $59,850 $14,678 plus 24% of the excess over $95,350 $35,498 plus 32% of the excess over $182,100 $51,226 plus 35% of the excess over $231,250 $172,623.5 plus 37% of the excess over $578,100