Scot and Vidia, married taxpayers, earn $278,000 in taxable income and $10,700 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places)

2021 Tax Rate Schedules

Individuals

Schedule X-Single

If taxable income is over:	But not over:	The tax is:
$ 0	$ 9,950	10% of taxable income
$ 9,950	$ 40,525	$995 plus 12% of the excess over $9,950
$ 40,525	$ 86,375	$4,664 plus 22% of the excess over $40,525
$ 86,375	$ 164,925	$14,751 plus 24% of the excess over $86,375
$ 164,925	$ 209,425	$33,603 plus 32% of the excess over $164,925
$ 209,425	$ 523,600	$47,843 plus 35% of the excess over $209,425
$ 523,600		$157,804.25 plus 37% of the excess over $523,600

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)

If taxable income is over:	But not over:	The tax is:
$ 0	$ 19,900	10% of taxable income
$ 19,900	$ 81,050	$1,990 plus 12% of the excess over $19,900
$ 81,050	$ 172,750	$9,328 plus 22% of the excess over $81,050
$ 172,750	$ 329,850	$29,502 plus 24% of the excess over $172,750
$ 329,850	$ 418,850	$67,206 plus 32% of the excess over $329,850
$ 418,850	$ 628,300	$95,686 plus 35% of the excess over $418,850
$ 628,300		$168,993.50 plus 37% of the excess over $628,300

Schedule Z-Head of Household

If taxable income is over:	But not over:	The tax is:
$ 0	$ 14,200	10% of taxable income
$ 14,200	$ 54,200	$1,420 plus 12% of the excess over $14,200
$ 54,200	$ 86,350	$6,220 plus 22% of the excess over $54,200
$ 86,350	$ 164,900	$13,293 plus 24% of the excess over $86,350
$ 164,900	$ 209,400	$32,145 plus 32% of the excess over $164,900
$ 209,400	$ 523,600	$46,385 plus 35% of the excess over $209,400
$ 523,600		$156,355 plus 37% of the excess over $523,600

Schedule Y-2-Married Filing Separately

If taxable income is over:	But not over:	The tax is:
$ 0	$ 9,950	10% of taxable income
$ 9,950	$ 40,525	$995 plus 12% of the excess over $ 9,950
$ 40,525	$ 86,375	$4,664 plus 22% of the excess over $40,525
$ 86,375	$ 164,925	$14,751 plus 24% of the excess over $86,375
$ 164,925	$ 209,425	$33,603 plus 32% of the excess over $164,925
$ 209,425	$ 314,150	$47,843 plus 35% of the excess over $209,425
$ 314,150		$84,496.75 plus 37% of the excess over $314,150

Federal tax
Average tax rate		%
Effective tax rate		%
Marginal tax rate		%