Question: Chuck, a single taxpayer, eams $78,800 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tox

Chuck, a single taxpayer, eams $78,800 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tox 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 answers to 2 decimal places. Chuck, a single taxpayer, eams $78,800 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tox 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 answers to 2 decimal places

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