Rachel and Riley Randall are married and file a joint return.They anticipate having taxable income o

Rachel and Riley Randall are married and file a joint return.They anticipate having taxable income of $250,000 in the next yearand are considering whether or not to purchase a personalresidence. The residence would provide Rachel and Riley withadditional tax deductions for mortgage interest and real estatetaxes of $21,600. A. Considering the 2016 tax rates, what is their marginal taxrate for purposes of making this decision? Since the $250,000 istaxable income (not AGI), the itemized deductions (withoutconsidering the residence) and the personal exemptions have alreadybeen deducted. b.Calculate the couple’s federal tax savings applicable to theproposed additional deductions, using the 2016 tax rate schedule.Calculate the actual tax on their taxable income without thedeductions relative to the residence and the tax on their taxableincome considering the increased deductions.taxable incomeconsidering the increased deductions. c.Calculate the federal tax rate applicable to the tax savings.(Hint: consider the tax savings associated with the additionaldeductions as compared to the amount of the deductions) Attached