21 - 1,108.75-------------Total tax liability $ 9,881.25...

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23. Jennifer and Paul have taxable income of $68,135 and the following tax liability: $15,650 × 10% = $ 1,565.00 ($63,700 − $15,650) × 15% = 7,207.50 ($68,135 − $63,700) × 25% =
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Unformatted text preview: 1,108.75-------------Total tax liability $ 9,881.25 ======== Their marginal tax rate is: a. 10% b. 15% c. 25% d. 14.5% Answer: c...
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