Marc, a single taxpayer, earns $63,000 in taxable income and $5,300 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2020, what is his effective tax rate? (Use Tax rate schedule.)

 

• 20.60 percent

• 14.13 percent

• 15.32 percent

• 10.77 percent

• None of the choices are correct