Jorge and Anita, married taxpayers, earn $156,500 in taxable income and $46,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly).
Required:
- If Jorge and Anita earn an additional $106,500 of taxable income, what is their marginal tax rate on this income?
- What is their marginal rate if, instead, they report an additional $106,500 in deductions?
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