You might also have to pay state income taxes depending on your state of residence. In this case, their marginal income tax rate is 24% (the rate theyd pay on income in the highest income tax bracket that applies to them). Do I qualify? They currently both work and earn a combined income of $275,000 per year. You should consult with a licensed professional for advice concerning your specific situation.
The state of Virginia exempts from state income taxes
( z0 exempt :ARG0 ( z1 state :name ( z2 name :op "Virginia" ) ) :ARG2 ( z3 tax :ARG0 z1 :ARG3 ( z4 income ) ) )
(z0 / exempt-01
    :ARG0 (z1 / state
              :name (z2 / name
                        :op1 "Virginia"))
    :ARG2 (z3 / tax-01
              :ARG0 z1
              :ARG3 (z4 / income)))
The state of Virginia exempts from state income taxes
z1 :name z2
z2 :op1 0
z0 :ARG0 z1
z3 :ARG3 z4
z0 :ARG2 z3
z3 :ARG0 z1