Chuck, a single taxpayer, earns $78,000 in taxable income and $13,300 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? (For all requirements, do not round Intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate 2021 Tax Rate Schedules Individuals Schedule X-Single 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 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172.750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172.750 $ 329,850 $ 418,850 $67.206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95.686 plus 35% of the excess over $418,850 S 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 S 86,350 $164,900 $13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 S 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately 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 $314,150 $47.843 plus 35% of the excess over $209,425 $ 314,150 $84.496.75 plus 37% of the excess over $314,150