2 8.33 points eBook Print References Problem 1-35 (LO 1-3) (Algo) Chuck, a single taxpayer, earns $79,200 in taxable income and $15,000 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 incme, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. Check my work

Chuck, a single toxpayet, sarns $79,200 in toxable income and $15,000 in interest from an investment in City of Hefin bonds. (Use the U.S tex rateschedule) Required: a. If Chuck earns on additional $40,000 of taxable incme, what is his marginal tax rote on this income" b. What is his morginal rote it, insteod, he had $40,000 of odditonal deductions? Note: For all requirements, do not round intermediate calculations, Round percentoge answers to 2 decimal places. Chuck, a single toxpayet, sarns $79,200 in toxable income and $15,000 in interest from an investment in City of Hefin bonds. (Use the U.S tex rateschedule) Required: a. If Chuck earns on additional $40,000 of taxable incme, what is his marginal tax rote on this income" b. What is his morginal rote it, insteod, he had $40,000 of odditonal deductions? Note: For all requirements, do not round intermediate calculations, Round percentoge answers to 2 decimal places