2 Problem 1-35 (LO 1-3) (Algo) 076 points Chuck, a single taxpayer, earns $79,800 in taxable...

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2 Problem 1-35 (LO 1-3) (Algo) 076 points Chuck, a single taxpayer, earns $79,800 in taxable income and $15,900 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: eBook P References 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? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % % 2 Problem 1-35 (LO 1-3) (Algo) 076 points Chuck, a single taxpayer, earns $79,800 in taxable income and $15,900 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: eBook P References 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? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %