Alan and Sara Winthrop are a married couple who file a joint income tax return....
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Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $25,750. Their total income from wages is $224,500. Assume the following tax table is applicable:
Married Couples Filing Joint Returns
| If Your Taxable Income Is | You Pay This Amount on the Base of the Bracket | Plus This Percentage on the Excess over the Base | Average Tax Rate at Top of Bracket | |
| Up to $19,750 | $0.00 | 10.0% | 10.0% | |
| $19,750-$80,250 | 1,975.00 | 12.0 | 11.5 | |
| $80,250-$171,050 | 9,235.00 | 22.0 | 17.1 | |
| $171,050-$326,600 | 29,211.00 | 24.0 | 20.4 | |
| $326,600-$414,700 | 66,543.00 | 32.0 | 22.8 | |
| $414,700-$622,050 | 94,735.00 | 35.0 | 26.9 | |
| Over $622,050 | 167,307.50 | 37.0 | 37.0 | |
What is their marginal tax rate?
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