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17 April, 11:55

Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin 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?

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  1. 17 April, 15:07
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    Taxable income - 150,000

    Federal tax = [28,457.50 + 28% * (150,000-146,500) ] = 29465.5

    Average tax rate = Total tax/Taxable income=29465.5/150,000=19.64%

    Effective tax rate = Total tax/Total income

    Total income = Taxable income+Income from investment=150,000+40,000=190,000

    So, Effective tax rate = 29465.5/190,000=15.51%
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