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Chuck, a single taxpayer, earns $75,600 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax
Chuck, a single taxpayer, earns $75,600 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
Required:
- If Chuck earns an additional $40,140 of taxable income, what is his marginal tax rate on this income?
- What is his marginal rate if, instead, he had $40,140 of additional deductions?
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Accounting Essentials For Hospitality Managers
Authors: Chris Guilding
3rd Edition
0415841097, 978-0415841092
