Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his average tax rate? (Carry your answer two decimals, i.e., 20.05)

Ch. I Student Template AY 19-20 - Micruscft Escel (Pruduct Activatien Faid) Inier Page layou Formlas Data evizw Fis me Vicw Dut |Noal - 10 Neutral Cakulation Wisp Tet Good Calibr General Bad a Cepy - Condtienal remat Famatting ATahle Check Cell Sort Tind A niter Slect Cxplanutory. Input Paste E MAres & Cenler - Linked Cell Note Insert Delete Femat aClear Format Fainter Clipbonrd Fent Plignnent taumber Stydes CAll Edring rArng & 2019 B15 P. A. B. K. Effective Rate 7 Q3 #DIVIOI Self-Populates (t will not always be this easyl) Sel-Populales (IL will nol aways be this easyl) Sel-Populates (t will not always be this easyl) Given in the HW Test Question Self-Populates It will nol always be this easyl) (10) 10 Marginal Income Marginal Rale 11 12 04 #DIVIO! 13 14 Marted Filing elk Meried iling Separste 2019 Single l af H 15 Joint Taxable Income Tax Liability $0 2$ $0 $0 16 2$ 17 Senate Dill 18 |ad ot Household Maried Filing loint Single Maried Filing Separate 19 Bracket Bate Bracket Rate 9, 00 10.0% S Bracket Bete Bracket Rate 20 10.0 10.0% 10.0% 21 First 19,400 13,850 9,/00 Second 78,950 12.0% 39,475 12.0% 52,A50 12.0% 39,475 12.0% 22 22.0%$ Third 22.0 22.0% 22.0% 23 108,400 34,200 84,200 84.200 Faurth 24.0N 24.0% 24.0% 24.0% 24 321,450 150, 725 160, 00 160, 725 204.100 40A,200 Fifth 32.0% 204, 100 32.0% 204,100 32.0% 32.0% 23 35.06 35.0% 35.0% 35.0% 26 Sixth 012.350 510,300 510,300 300.175 Seventh b12,350 3/.O% 3/U 37.0% 37.0% 27 510,300 510,300 306.1A Maried Filing Marted FIling Separate 2019 Single Head of Household Joint 28 Taxable Income $0 24 24 $0 $0 (100.00) 29 (10.00 %24 Tax Liability 30 Senate BIll 31 Maried Filing Joint Single IMaried Filing Separate Head of Household 32 Eracket Rate Bracket Rate Bracket Rate Bracket Rate 33 9,700 10.O% First 19,400 10.0% 13,850 10.0% 9.700 10.0% 34 12.0% $ 22.0% S 24.0%$ 12.0% 12.0% 12.0% 35 Sccond 78.950 39.475 52,850 39,475 Thid 22.0R 22.0% 22.0% 36 168,400 84,200 200 84,200 31.450 24.0% 37 Fourth 150.725 160,700 24.0s 160.725 24.0% Fifth 32.06 32.0% $ 32.0% 38 408,200 204,100 204,100 204,100 32.0% 35.0% Sixth 35.0N 510,300 35.0 35.8. 35.0% 39 512,350 510,300 306,1/5 37.0% $ Seventh 612,350 37.0% 510,300 510,300 37.0% 306.175 37.0% 40 41 42 HAPH 114 1-35 /1-8/142143844 (+) Ready Sureli Lock. 1213 PM P lype here to search AD ING 1/29/20