Jill and George are married and file a joint return. They expect to have $410,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $80.000 for mortgage interest and real estate taxes.
Not over $17,850 10% of taxable income.
Over $17,850 but not over $72,500 $1,78500 + 15% of the excess over $17,850.
Over $72,500 but not over $146,400 $9,982.50 + 25% of the excess over $72,500.
Over $146,400 but not over $223,050 $28,45780 + of the excess over $146,400.
Over $223,050 but not over $398,350 S49,919S0 + of the excess over $223,050.
Over $398,350 but not over $450,000 $107,76840 + of the excess over $398,350.
Over $450,000 $125,846ff + 39.6 of the excess over $450,000.
Required:
a. What is their marginal tax rate for purposes of making this decision?
b. What is the tax savings if the residence is acquired?
Answers: 3
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Jill and George are married and file a joint return. They expect to have $410,000 of taxable income...
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