Chuck, a single taxpayer, earns $76,400 in taxable Income and $11,500 in Interest from an Investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round Intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate %6 %6 Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 The tax is: $ 20,550 10% of taxable income $ 83,550 || $2,055 plus 12% of the excess over $20,550 $ 178,150 || $9,615 plus 22% of the excess over $83,550 $340,100 || $30,427 plus 24% of the excess over $178,150 $ 431,900 || $69,295 plus 32% of the excess over $340,100 $ 647,850 || $98,671 plus 35% of the excess over $431,900 | $174,253.50 plus 37% of the excess over $647,850 - Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,650 $ 14,650 $ 55,900 $ 55,900 $ 89,050 $ 89,050 $ 170,050 $ 215,950 $ 539,900 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $ 170,050 || $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 $ 215,950 $539,900 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 $ 10,275 The tax is: 10% of taxable income $ 41,775 || $1,027.50 plus 12% of the excess over $10,275 $ 89,075 $4,807.50 plus 22% of the excess over $41,775 $170,050 || $15,213.50 plus 24% of the excess over $89,075 $ 215,950 $34,647.50 plus 32% of the excess over $170,050 $323,925 || $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925 -