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Jorge and Anita, married taxpayers, earn $161,000 in taxable income and $51,000 in interest from...

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Accounting

Jorge and Anita, married taxpayers, earn $161,000 in taxable income and $51,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly).

Required:

  1. If Jorge and Anita earn an additional $111,000 of taxable income, what is their marginal tax rate on this income?
  2. What is their marginal rate if, instead, they report an additional $111,000 in deductions?
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