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Chuck, a single taxpayer, earns $75,600 in taxable income and $10,000 in interest from an...

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Question

Accounting

Chuck, a single taxpayer, earns $75,600 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

Required:

  1. If Chuck earns an additional $40,140 of taxable income, what is his marginal tax rate on this income?
  2. What is his marginal rate if, instead, he had $40,140 of additional deductions?

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