Book Print erences Problem 1-35 (LO 1-3) (Algo) Chuck, a single taxpayer, earns $79,200 in...
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Book Print erences Problem 1-35 (LO 1-3) (Algo) Chuck, a single taxpayer, earns $79,200 in taxable income and $15,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Check my work Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage aswers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %
Chuck, a single taxpayer, earns $79,200 in taxable income and $15,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage
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