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Chuck, a single taxpayer, earns $79,200 in taxable income and $15,000 in interest from an investment in City of Heflin bonds. (Use the US
Chuck, a single taxpayer, earns $79,200 in taxable income and $15,000 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What is his average tax rate? Note: Do not round intermediate calculations. Round total tax to nearest whole dollar amount. Choose Numerator Total tax $ Choose Denominator Taxable income 13,041 / $ Average Tax Rate 79,200 16.47%
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