Item$2$

$8\mathrm{.}33$

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Problem $1-35($LO $1-3)($Algo$)$

Chuck, a single taxpayer, earns $$78,600$ in taxable income and $$14,100$ in interest from an investment in City of Heflin bonds. $($Use the U$.$S$.$ tax rate schedule.$)$

Required:

If Chuck earns an additional $$40,000$ of taxable income, what is his marginal tax rate on this income?

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.