Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 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?

Jorge and Anita will owe $30,069.50 in federal income tax this year computed as follows:

$30,069.50 = $27,087.50 + 28 % ($150,000 − $139,350).

Jorge and Anita’s average tax rate is 20.05 percent.

Average Tax Rate = Total Tax/Taxable Income

Average Tax Rate = $30,069.50 / $150,000 = 20.05%

Jorge and Anita’s effective tax rate is 15.83 percent.

Effective tax rate = Total Tax / Total Income

Effective tax rate = $30069.50 / ($150,000 + $40,000) = 15.83%

Jorge and Anita are currently in the 28 percent tax rate bracket. Their marginal tax rate on increases in income up to $62,300 and deductions up to $10,650 is 28 percent

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