Jorge and Anita, married taxpayers, earn $163,600 in taxable income and $43,400 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filling 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? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate % N 22%
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- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amountJorge and Anita, married taxpayers, earn $158,000 in taxable income and $42,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filling 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? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate Tax rate schedule: 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: 0 $9,950 $9.950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $164,925 |$14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $209,425 $523,600 | $157,804.25 plus 37% of the excess over $523,600…
- Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 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? Note: Do not round intermediate calculations. Round your answers to 2 decimal places.Jorge and Anita, married taxpayers, earn $159,600 in taxable income and $42,400 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? Do not round intermediate calculations. Round your percentage answers to 2 decimal places. Federal tax Average tax rate % Effective tax rate % Marginal tax rate % Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $ 0 $ 22,000 10% of taxable income $ 22,000 $ 89,450 $2,200 plus 12% of the excess over $22,000 $ 89,450 $ 190,750 $10,294 plus 22% of the excess over $89,450 $ 190,750 $ 364,200 $32,580 plus 24% of the excess over $190,750 $ 364,200 $ 462,500 $74,208…Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 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? Note: Do not round intermediate calculations. Round your answers to 2 decimal places. please do not provide solution in image format thank you!
- 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? Note: Round your percentage answers to 2 decimal places. Federal tax Average tax rate Effective tax rate Marginal tax rate % % % Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $ 22,000 $ 89,450 $ 190,750 $364,200 $462,500 $ 693,750 $ 0 $ 22,000 $ 89,450 $ 190,750 $364,200 $ 462,500 $ 693,750 10% of taxable income $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750Jorge and Anita, married taxpayers, earn $158,800 in taxable income and $42,200 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? Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Answer is complete but not entirely correct. Federal tax $ 25,551 X Average tax rate Effective tax rate Marginal tax rate 16.09X % 12.71X % 22 %Jorge and Anita, married taxpayers, earn $169,200 in taxable income and $44,800 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? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate % % %
- 1)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? (Round your answers to 2 decimal places.)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).2)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?Scot and Vidia, married taxpayers, earn $254,000 in taxable income and $7,100 in interest from an investment in City of Tampa 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? Note: Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places.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? What I need help with is understanding the marginal tax rate with the interest. I thought I anwsered it correctly and I did not.