Chuck, a single taxpayer, earns $64,500 in taxable income and $24,400 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Reg B Reqc Req D How much federal tax will he owe? (Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.) Federal tax ReqB> 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: $ 0 $ 9,875 $ 9.875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518.400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19.750 10% of taxable income $ 19,750 S 80,250 S1,975 plus 12% of the excess over $19.750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414.700 $622,050 S167,307 50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over:But not over: The tax is: S 0 $ 14,100 10 of taxable income S 14,100 $ 53,700 $1.410 plus 12% of the excess over $14,100 $ 53,700 S 85,500 S6,162 plus 22 of the excess over S53.700 85,500 S163,300 S13,158 plus 24% of the excess over $85,500 $163,300 $207.350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 S45,926 plus 35% of the excess over $207,350 $518,400 S154, 793.50 plus 37 of the excess over $518,400 Schedule -2- Warried Filing Senarately Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 S 9.875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 S4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 $47.367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37% of the excess over $311,025
