## Answers

**ANSWER**

a)Federal Tax | |

Taxable Income | $185,000 |

Taxable Income | Tax Rate |

$151,201 to $230,450 | $29,387.50 plus 28% of the amount over $151,200 |

Tax = $29387.50 + 28% x ($185000 - $151,200) | $38,851.5 |

Jorge and Anita will owe $38,851.50 in federal income tax . | |

b) Average Tax Rate = Total Tax/ Taxable Income | |

Average tax rate = $38,851.50/185000 | 21.00% |

c) Effective Tax Rate = Total Tax/Total Income | |

Effective Tax Rate = $38,851.50/($185,000 + $20000) | 18.95% |

d) | |

Current marginal tax rate | 28.00% |

Jorge and Anita are currently in the 28 % tax rate bracket. Their marginal tax rate on increases in income up to (230450-185000= $45450 and deductions up to($185000 - 151200= $33,800 is 28 percent |

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