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What is his marginal tax rate on given income

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Reference no: EM131766877

Chuck, a single taxpayer, earns $82,000 in taxable income and $17,750 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 $48,250 of taxable income, what is his marginal tax rate on this income?

b. What is his marginal rate if, instead, he had $48,250 of additional deductions?

Reference no: EM131766877

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