Jordan and Paul,a married couple,have taxable income of $46,375,which is taxed as follows: Their marginal tax rate is:

Question

Jordan and Paul,a married couple,have taxable income of $46,375,which is taxed as follows:  Their marginal tax rate is:

Quizplus · Accepted Answer

To find the marginal tax rate, we need to look at the tax brackets for the given taxable income. From the tax table provided, we can see that the tax owed on the first $19,900 is $1,990, and the tax owed on the remaining $26,475 is $3,971. Therefore, their total tax liability is $5,961.

Their taxable income falls in the 15% tax bracket ($19,901-$80,000), so their marginal tax rate is also 15%. Therefore, the correct choice is C.

Jordan and Paul,a Married Couple,have Taxable Income of $46,375,which Is