Chuck, a single taxpayer, earns $77,400 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,320 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,320 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a Marginal tax rate Marginal tax rate b % 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617.50 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 $518,400 $47,367 50 plus 35% of the excess over $207,350 $518,400 $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 $ 80,250 $1.975 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 S66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 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 S 14,100 10% of taxable income S 14,100 S 53,700 51.410 plus 12% of the excess over $14,100 S 53,700 S 85,500 56,162 plus 22% of the excess over $53.700 $ 85,500 S163,300 $13,158 plus 24% of the excess over 585,500 S163,300 S207 350 S31,830 plus 32% of the excess over S163,300 S207,350 $518,400 S45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: s 0 S 9.875 10% of taxable income $ 9.875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 S 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 S163.300 $14,605 50 plus 24% of the excess over $85,525 $163.300 $207,350 533,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 $47.367.50 plus 35% of the excess over $207,350 $311,025 583,653,75 plus 37 of the excess over $311,025