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Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an...

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Question

Accounting

Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule,

how much federal tax will he owe?

What is his average tax rate?

What is his effective tax rate?

What is his current marginal tax rate?

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

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

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