$2$

Chuck, a single taxpayer, earns $$75,000$ in taxable income and $$10,000$ in interest from an investment in City of Heflin bonds. $($Use the U$.$S$.$ tax rate scheduke$)$

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\mathrm{.}000$ of additional deductions?

Note: For all requlrements, do not round Intermedlate calculations. Round percentage answers to $2$ decimal places.

THE ANSWER IS NOT $24$ and $12$

Schedule Y$-1-$Married Filing Jointly or Qualifying surviving spouse

$\backslash$table$[[$If taxable income is over:,But not over:,The tax is:$],[$$$0,$$$23,200,10\%$ of taxable income$],[$$$23,200,$$$94,300,$$$2,320$ plus $12\%$ of the excess over $$23,200$