Chuck, a single taxpayer, earns $78,800 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

Required:

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

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___________