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What is his marginal tax rate on this income

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Reference no: EM133420356

Case: Chuck, a single taxpayer, earns $79,400 in taxable income and $15,300 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions?

Reference no: EM133420356

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