Chuck, a single taxpayer, earns $137,750 in taxable income and $15,500 in interest from an...
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Accounting
Chuck, a single taxpayer, earns $137,750 in taxable income and $15,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) (Do not round intermediate calculations. Round your answers to 2 decimal places.)
a. If Chuck earns an additional $51,500 of taxable income, what is his marginal tax rate on this income?
Marginal Tax Rate ______________%
b. What is his marginal rate if, instead, he had $51,500 of additional deductions?
Marginal Tax Rate ______________%
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