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Tim and Tina are married and have a 2020 gross income of $110,000 and a taxable income of $82,000. Using the 2020 Married-Joint tax Table,
Tim and Tina are married and have a 2020 gross income of $110,000 and a taxable income of $82,000. Using the 2020 Married-Joint tax Table, what would be their tax liability for the year?
What is the marginal tax rate for Tim and Tina? (gorss income was $110,000, taxable income $82,000)
What was their approximate average tax rate using the above answers?
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