Determining the taxable income

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In reviewing the tax rate schedule for married filing jointly, Jorge and Anita note that the tax on $155,000 is $29,387.50 plus 28 percent of the taxable income over $151,200. What does the $29,387.50 represent?

Reference no: EM13951188

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Determining the taxable income : In reviewing the tax rate schedule for married filing jointly, Jorge and Anita note that the tax on $155,000 is $29,387.50 plus 28 percent of the taxable income over $151,200. What does the $29,387.50 represent?
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