Question
Chuck, a single taxpayer, earns $143,500 in taxable income and $34,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax
Chuck, a single taxpayer, earns $143,500 in taxable income and $34,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) (Do not round intermediate calculations. Round your answers to 2 decimal places.)
MUST USE 2015 TAX RATE!!!!!!!!!!!!!!!!!!!!!
1) If Chuck earns an additional $65,500 of taxable income, what is his marginal tax rate on this income?_________
2) What is his marginal rate if, instead, he had $65,500 of additional deductions?_______________ The answers I had were 33% and 25% but they are wrong please send help |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started