Frank and Fran are married and have a 2017 taxable income of $280,000.They also received $20,000 of tax-exempt income.Their average tax rate is:

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To calculate the average tax rate, we need to first calculate their total tax liability. Using the 2017 tax brackets, we can see that their taxable income of $280,000 puts them in the 33% tax bracket. Therefore, their tax liability before any credits or deductions would be:

($191,650 x 0.10) + (($416,700 - $191,650) x 0.15) + (($480,050 - $416,700) x 0.25) + (($280,000 - $480,050) x 0.33) = $76,619

Next, we need to add any tax credits they may be eligible for. Since we don't have that information, we'll assume they have $0 in tax credits for simplicity. This means their total tax liability is $76,619.

To calculate their average tax rate, we divide their total tax liability by their taxable income plus any tax-exempt income:

($76,619 / ($280,000 + $20,000)) x 100% = 24.1%

Frank and Fran Are Married and Have a 2017 Taxable