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Scot and Vidia, married taxpayers, earn $242,400 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S.
Scot and Vidia, married taxpayers, earn $242,400 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: If Scot and Vidia earn an additional $82,400 of taxable income, what is their marginal tax rate on this income? What is their marginal tax rate if, instead, they report an additional $82,400 in deductions? Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places
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