Final answer:
A married couple filing jointly in the 33% federal income tax bracket would have a taxable income over $208,850 but not over $372,950.
Step-by-step explanation:
To clarify, if a couple's income is within this range, any income above $208,850 up to the maximum of $372,950 is taxed at a marginal tax rate of 33%.
In a tax system, the tax rate is the ratio at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective. These rates can also be presented using different definitions applied to a tax base: inclusive and exclusive.
The marginal tax rate is the amount of additional tax paid for every additional dollar earned as income. The average tax rate is the total tax paid divided by total income earned.
In this case, a married couple filing jointly that falls into the 33% federal income tax bracket would have a taxable income over $208,850 but not over $372,950, according to the provided tax bracket table.
For example, if a couple earns a taxable income of $300,000, they are in the 33% tax bracket because their income is between $208,850 and $372,950.