Tax Rate Schedule is of 2021

Problem 1-39 (LO 1-3) (Algo) Jorge and Anita, married taxpayers, earn $158,000 in taxable income and $48,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $108,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $108,000 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) % a. Marginal tax rate b. Marginal tax rate % Required information Comprehensive Problem 4-55 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $64,400 and $12,150, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $550 from corporate bonds. Marc contributed $2,550 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,550 (under a divorce decree effective June 1, 2006). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $3,000 child tax credit for Matthew. Marc and Michelle paid $6,100 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $2,550 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from AGI $ 4,100 d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Taxable income $ 68,900 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is not complete. Refund due