What is their average tax rate and effective tax rate

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Reference no: EM131216748

Jorge and Anita, married taxpayers, earn $42,500 in taxable income and $35,000 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.)

Federal Tax___________

Average Tax Rate____________%

Effective Tax Rate ____________%

Marginal Tax Rate_____________%

Reference no: EM131216748

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