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What is his marginal tax rate on this income

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Question - Chuck, a single taxpayer, earns $87,000 in taxable income and $31,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

Required -

1. If Chuck earns an additional $60,250 of taxable income, what is his marginal tax rate on this income?

2. What is his marginal rate if, instead, he had $60,250 of additional deductions?

Reference no: EM132574058

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