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Chuck, a single taxpayer, earns $79,000 in taxable income and $14,700 in interest from an...

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Question

Accounting

Chuck, a single taxpayer, earns $79,000 in taxable income and $14,700 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)

Required:

  1. How much federal tax will he owe?
  2. What is his average tax rate?
  3. What is his effective tax rate?
  4. What is his current marginal tax rate?

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