Consider the following personal income tax brackets for individuals filing individually or jointly, for the year 20XX:
INDIVIDUAL TAX BRACKETS
From $0 to $25,000.00: 0% tax rate
From $25,000.00 to $50,000.00: 10% tax rate
From $50,000.00 to $75,000.00: 20% tax rate
From $75,000.00 to $100,000.00: 30% tax rate
JOINT TAX BRACKETS
From $0 to $50,000.00: 0% tax rate
From $50,000.00 to $100,000.00: 10% tax rate
From $100,000.00 to $150,000.00: 20% tax rate
From $150,000.00 to $200,000.00: 40% tax rate
In 20XX, Joseph's and Maria's individual incomes were $97,000 and $68,000, respectively. Fill in the blanks:
Joseph's average tax rate for 20XX was
% and Maria's average tax rate for 20XX was
%.*
Joseph's marginal tax rate for 20XX was
% and Maria's marginal tax rate for 20XX was
%.
If filing individually in 20XX, Joseph would pay US$
and Maria would pay US$
. If filing jointly (Joseph and Maria), both would pay a combined total of US$
in taxes for that year.
Attention: Do not include the % sign in your answer for rates, but just numbers. Provide answers with 2 decimal places (i.e. 10.20), and when dollar values are requested, input your answer without thousands separators, with two decimal places (i.e. 10050.50).
