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What is his marginal rate

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Question - Chuck, a single taxpayer, earns $132,500 in taxable income and $18,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) (Do not round intermediate calculations. Round your answers to 2 decimal places.)

a. If Chuck earns an additional $42,800 of taxable income, what is his marginal tax rate on this income?

b. What is his marginal rate if, instead, he had $42,800 of additional deductions?

Reference no: EM131704711

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