Final answer:
When Pedro Rodríguez Cruz and Mónica Santiago Del Valle, a married couple under the economic regime of the society of marital property, file their income tax return jointly, they need to determine their marginal and average tax rates. To calculate these rates, they need to refer to the 2014 Tax brackets by income for married filing jointly or qualifying widow/widower, which is considered progressive.
Step-by-step explanation:
When Pedro Rodríguez Cruz and Mónica Santiago Del Valle, a married couple under the economic regime of the society of marital property, file their income tax return jointly, they need to determine their marginal and average tax rates. To calculate these rates, they need to refer to the 2014 Tax brackets by income for married filing jointly or qualifying widow/widower, which is considered progressive.
First, they need to find their taxable income by subtracting their deductions and exemptions from their total income. Let's assume their taxable income is $55,000.
To determine their marginal tax rate, they need to find the tax bracket that corresponds to their taxable income. For example, if their taxable income falls within the bracket of $37,451 to $90,750, their marginal tax rate would be 25%. This means that for every additional dollar they earn, they would owe 25 cents in taxes.
To calculate the average tax rate, they need to divide the total amount of taxes owed by their taxable income. Using the tax brackets, they can determine the amount of taxes owed for each bracket, and then sum them up. Let's say their total tax owed is $9,000. Their average tax rate would be $9,000 divided by $55,000, which is approximately 16.36%.
When comparing the tax rates on individuals, it's important to note that the tax rates for married filing jointly are generally higher than those for single individuals. This is because the tax brackets for married filing jointly are wider, resulting in a higher marginal tax rate for certain income levels.