Question: Problem 1-35 (LO 1-3) (Static) Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of

Problem 1-35 (LO 1-3) (Static) 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 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? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a Marginal tax rate b. Marginal tax rate

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