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Susan and Stan Britton are a married couple who file a joint income tax return, where...

Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $275,000. Round your answers to two decimal places. What is their federal tax liability? $ What is their marginal tax rate? % What is their average tax rate? %

Homework Answers

Answer #1
Tax Calculation
On first $50,000 $                 7,500 =50000*15%
On next $25,000 $                 6,250 =25000*25%
On next $25,000 $                 8,500 =25000*34%
On next $175,000 $               68,250 =175000*39%
Federal tax liability $     90,500
Average tax rate 32.91%
=90500/275000
Marginal tax rate 39%
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