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Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax
Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) (Do not round intermediate calculations. Round your answers to 2 decimal places.)
a.
If Chuck earns an additional $59,750 of taxable income, what is his marginal tax rate on this income?
b.
What is his marginal rate if, instead, he had $59,750 of additional deductions?
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