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Chuck, a single taxpayer, earns $57,500 in taxable income and $17,500 in interest from an investment in City of Heflin bonds. (Use the 2013 U.S.
Chuck, a single taxpayer, earns $57,500 in taxable income and $17,500 in interest from an investment in City of Heflin bonds. (Use the 2013 U.S. tax rate schedule.) (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. If Chuck earns an additional $28,500 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $28,500 of additional deductions?
Please show your calculations so that I can understand this, thanks!
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