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Jorge and Anita, married taxpayers, earn $148,500 in taxable income and $62,000 in interest from...

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Accounting

Jorge and Anita, married taxpayers, earn $148,500 in taxable income and $62,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule). (Do not round intermediate calculations. Round your answers to 2 decimal places.)

a.

If Jorge and Anita earn an additional $111,000 of taxable income, what is their marginal tax rate on this income?

b.

What is their marginal rate if, instead, they reported an additional $111,000 in deductions?

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