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Find what is the marginal tax rate on the income

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Reference no: EM132592900

Chuck, a single taxpayer, earns $137,750 in taxable income and $15,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

Required:

Question 1: If Chuck earns an additional $51,500 of taxable income, what is his marginal tax rate on this income?

Question 2: What is his marginal rate if, instead, he had $51,500 of additional deductions?

Reference no: EM132592900

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