using the 2019 tax rate schedule

1 Chuck, a single taxpayer, eams $69,000 in taxable income and $27100 in interest from an Investment in City of Hellin bonds. (Use the U.Stax rate schedule.) Required: 10 a. How much federal tax wil he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? That is, Chuck earns $1 more in taxable income, what tax rate will apply to the $1? 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1.940 plus 12% of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168.400 $321.450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408.200 $612,350 $93.257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 13,850 $ 13,850 $ 52,850 $ 52.850 S 84.200 $ 84.200 $160,700 $160,700 $204.100 $204.100 $510,300 The tax is: 10% of taxable income $1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over S52.850 S12,962 plus 24% of the excess over $84.200 $31,322 plus 32% of the excess over $160,700 S45.210 plus 35% of the excess over $204.100 MacBoo