Jorge and Anita, married taxpayers, earn $85,000 in taxable income and $5,000 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.)SolutionFederal Income tax = 16, 687.50 + 25% (85,000-75,301)= 19,112.25Average tax rate= Total Tax/Taxable income=19,112.25/85,000=0.22485*100%=22.485%Effective Interest Rate= Total…
What is their average tax rate?
Plagiarism-free and delivered on time!
We are passionate about delivering quality essays.
Our writers know how to write on any topic and subject area while meeting all of your specific requirements.
Unlike most other services, we will do a free revision if you need us to make corrections even after delivery.
How it Works
Place an order
Fill out the order form.
Attach any custom instructions that is required to complete your order.
Pay online safely.
The order form will redirect you to a payment page.
Receive Order via Email
Once the order is complete, we’ll send it via the email provided on the order form.