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Using the 2020 tax bracket Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of

Using the 2020 tax bracket Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly).

a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income?

b. What is their marginal rate if, instead, they report an additional $100,000 in deductions?

a. Marginal tax rate?

b. Marginal tax rate?

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