2023 Tax Rate Schedules

IndividualsSchedule X-Single

If taxable income is over:But not over:The tax is:$ 0$ 11,00010% of taxable income$ 11,000$ 44,725$1,100 plus 12% of the excess over $11,000$ 44,725$ 95,375$5,147 plus 22% of the excess over $44,725$ 95,375$ 182,100$16,290 plus 24% of the excess over $95,375$ 182,100$ 231,250$37,104 plus 32% of the excess over $182,100$ 231,250$ 578,125$52,832 plus 35% of the excess over $231,250$ 578,125$174,238.25 plus 37% of the excess over $578,125

Chuck, a single taxpayer, earns $75,600 in taxable income and $10,700 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? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places