Mr.and Mrs.Upton's marginal tax rate on their joint return is 32%.This year,their itemized deductions totaled $25,200,and their standard deduction (MFJ)was $24,400.Compute their incremental tax savings from their itemized deductions.

Question

Quizplus · Accepted Answer

The incremental tax savings is the difference between the itemized deductions and the standard deduction, multiplied by the marginal tax rate: ($25,200 - $24,400) * 32% = $256.

MrAnd MrsUpton's Marginal Tax Rate on Their Joint Return Is 32