Question
Scot and Vidia, married taxpayers, earn $252,000 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 $252,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. 2020 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?
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062
