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7) (16 points) Max, a single taxpayer, has determined her adjusted gross income is $86,000 for 2022. She also received interest from an investment in
7) (16 points) Max, a single taxpayer, has determined her adjusted gross income is $86,000 for 2022. She also received interest from an investment in City of Hawkins bonds of $12,000 (municipal bonds), which is considered non-taxable for federal purposes. She uses the standard deduction for 2022 and is not self-employed. (a) Using the U.S. tax rate schedule for year 2022, how much federal tax will Max owe given the above information (you must find Max's taxable income first)? (b) What is her average tax rate? (c) What is her effective tax rate? (d) What is her current marginal tax rate? (e) If Max earned an additional \$35,000 of adjusted gross income, what would her marginal tax rate on this additional income only be? Round your answer to 2 decimal places
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