Jorge and Anita, married taxpayers, earn $158,000 in taxable income and $42,000 in Interest from an Investment in City of Heflinbonds. Using the U.S. tax rate schedule for married filling jointly, how much federal tax will they owe? What is their average taxrate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round youranswers to 2 decimal places.)Federal taxAverage tax rateEffective tax rateMarginal tax rateTax rate schedule:2021 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over: But not over:0$9,950$9.950$ 40,525$ 86,375$164,925$209,425$ 523,600The 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 $523,600Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over: But not over:0$ 19,90010% of taxable income$ 19,900$81,050 $1,990 plus 12% of the excess over $19,900$172,750 |$9,328 plus 22% of the excess over $81,050$ 81,050$172,750$329,850$329,850$418,850$418,850$ 628,300$ 628.300$164,900$209,400$ 523,600$ 40,525$ 86,375Schedule Z-Head of HouseholdIf taxable income is over: But not over:0$ 14,200$ 14,200$ 54,200$ 54,200$ 86,350$ 86,350$164,900$209,400$523,6000S$ 9,950$ 40,525$ 86,375$164.925$ 209,425$314,150The tax is:$29,502 plus 24% of the excess over $172,750$67,206 plus 32% of the excess over $329,850$95,686 plus 35% of the excess over $418,850| $168,993.50 plus 37% of the excess over $628,300Schedule Y-2-Married Filing SeparatelyIf taxable income is over: But not over:$9.950The tax is:10% of taxable income$1,420 plus 12% of the excess over $14,200$6,220 plus 22% of the excess over $54,200$13,293 plus 24% of the excess over $86,350$32,145 plus 32% of the excess over $164,900$46,385 plus 35% of the excess over $209,400| $156,355 plus 37% of the excess over $523,600The tax is:10% of taxable income$ 40,525$995 plus 12% of the excess over $ 9,950$ 86,375 $4,664 plus 22% of the excess over $40,525$164,925 |$14,751 plus 24% of the excess over $86,375$209,425 $33,603 plus 32% of the excess over $164,925$314,150 ||$47,843 plus 35% of the excess over $209,425|| $84,496.75 plus 37% of the excess over $314,150

All taxes paid divided by taxable income is the average tax rate. Average tax rates represent the…

Jorge 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 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 % %

Jorge 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 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 % %

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transact Ions

Section: Chapter Questions

Problem 38P

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