Chuck, a single taxpayer, earns $78,400 in taxable income and $13,800 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule 2022.)

Required:

1. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income
2. 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.

Chuck, a single taxpayer, earns $78,400 in taxable income and $13,800 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: o. 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 onswers to 2 decimal places. 2022 Tax Rate Schedules Individuals