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Problem 1-34(LO 1-3)(Algo) Chuck, a single taxpayer, earns $84,600 in taxable income and...

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Accounting

Problem 1-34(LO 1-3)(Algo)
Chuck, a single taxpayer, earns $84,600 in taxable income and $15,900 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)
Required:
How much federal tax will he owe?
What is his average tax rate?
What is his effective tax rate?
What is his current marginal tax rate?
2023 Tax Rate Schedules
Individuals
Schedule X-Single
\table[[If taxable income is over:,But not over:,The tax is:],[$,$11,000,10% of taxable income,],[$11,000,$44,725,$1,100 plus 12% of the excess over $11,000

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