Chuck, a single taxpayer, earns $79,400 in taxable income and $15,300 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? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,000 $ 44,725 $ 95,375 S 182,100 S 231,250 $ 578,125 $ 11,000 $ 44,725 $ 95,375 S 182,100 $231,250 $ 578,125 The tax is: 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32% of the excess over $182,100 $52,832 plus 35% of the excess over $231,250 $174,238.25 plus 37% of the excess over $578,125 Answer is complete but not entirely correct. a. Marginal tax rate b. Marginal tax rate 18.47% 24.00% S 32