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Chuck, a single taxpayer, earns $77,100 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S tax

Chuck, a single taxpayer, earns $77,100 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)

If taxable income is over: But not over: The tax is:
$ 0 $ 9,950 10% of taxable income
$ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950
$ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525
$ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375
$ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925
$ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425
$ 523,600 $157,804.25 plus 37% of the excess over $523,600

Required:

How much federal tax will he owe?

What is his average tax rate?

What is his effective tax rate?

What is his current marginal tax rate?

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