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Chuck, a single taxpayer, earns $78,400 in taxable income and $13,800 in...

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Accounting

Chuck, a single taxpayer, earns $78,400 in taxable income and $13,800 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?
Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.

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