Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jorge and Anita, married taxpayers, earn $150 , 500 in taxable income and $40 , 500 in interest from an investment in City of Heflin

image text in transcribedimage text in transcribedimage text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Jorge and Anita, married taxpayers, earn $150 , 500 in taxable income and $40 , 500 in interest from an investment in City of Heflin bonds. (Use the U.S. Lax rate schedule for married filing jointly). Required: 0. If Jorge and Anita earn an additional $100 , 500 of taxable income, whiat is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100 , 500 in deductions? Note: For all requirements, do not round intermediate calculations. Round your onswers to 2 decimal places. 2022 Tax Rate Schedules Individuals Calondwho V C:..ala Schedule Z-Head of Household \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline $0 & $14 , 650 & 10% of taxable income \\ \hline $14 , 650 & $55 , 900 & $1 , 465 plus 12% of the excess over $14 , 650 \\ \hline $55 , 900 & $89 , 050 & $6 , 415 plus 22% of the excess over $55 , 900 \\ \hline $89 , 050 & $170 , 050 & $13 , 708 plus 24% of the excess over $89 , 050 \\ \hline $170 , 050 & $215 , 950 & $33 , 148 plus 32% of the excess over $170 , 050 \\ \hline $215 , 950 & $539 , 900 & $47 , 836 plus 35% of the excess over $215 , 950 \\ \hline $539 , 900 & ? & $161 , 218.50 plus 37% of the excess over $539 , 900 \\ \hline \end{tabular} Schedule Y-2-Married Filing Separately \begin{tabular}{|c||l|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline $10 & $10 , 275 & 10% of taxable income \\ \hline $41 , 775 & $41 , 775 & $1 , 027.50 plus 12% of the excess over $10 , 275 \\ \hline $9 , 075 & $9 , 075 & $4 , 807.50 plus 22% of the excess over $41 , 775 \\ \hline $170 , 050 & $217 , 050 & $15 , 213.50 plus 24% of the excess over $89 , 075 \\ \hline $215 , 950 & $323 , 925 & $44 , 647.50 plus 32% of the excess over $170 , 050 \\ \hline $323 , 925 & ? & $87 , 126.75 plus 35% of the excess over $215 , 950 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds

6th Edition

1260575292, 978-1260575293

More Books

Students also viewed these Accounting questions

Question

Do not get married, wait until I come, etc.

Answered: 1 week ago

Question

Do not come to the conclusion too quickly

Answered: 1 week ago

Question

Engage everyone in the dialogue

Answered: 1 week ago