Help Save Ch Scot and Vidia, married taxpayers, earn $240,000 in taxable income

Question

Help Save Ch Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa 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 iptermediate calculations. Round "Average tax rate" & "Effective tox rate" to 2 decimal places) Federal tax Average tax rate Effective tax rate Marginal tax rate

Explanation / Answer

Value Formula used Federal Tax $         54,417 =52222.5+33%*(240000-233350) Average tax rate 22.67% =54417/240000 Effective tax rate 22.21% =54417/245000 Marginal tax rate 33.00% Current tax bracket (Calculation is based on 2017 tax rates)

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