Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 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 $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?

c. What is his average tax rate?

d. What is his effective tax rate?

e.How much federal tax will he owe?

If taxable income is But not over: over: $ 0 $9,275 $ 9,275 $37,650 $37,650 $91,150 $91,150 $190,150 $190,150 $413,350 $413,350 $415,050 $415,050 If taxable income is over: Schedule X-Single - $466,950 But not over: $ 0 $18,550 $ 18,550 $75,300 2016 Federal Tax Rate Schedule Schedule Y-1-Married Filing Jointly of Qualifying Widow(er) - The tax is: 10% of taxable income $927.50 plus 15% of the excess over $9,275 $5,183.75 plus 25% of the excess over $37,650 $18,558.75 plus 28% of the excess over $91,150 $46,278.75 plus 33% of the excess over $190,150 $119,934.75 plus 35% of the excess over $413,350 The tax is: 10% of taxable income $1,855.00 plus 15% of the excess over $18,550 $ 75,300 $151,900 $10,367.50 plus 25% of the excess over $75,300 $151,900 $231,450 $29,517.50 plus 28% of the excess over $151,900 $231,450 $413,350 $51,791.50 plus 33% of the excess over $231,450 $413,350 $466,950 $111,818.50 plus 35% of the excess over $413,350 $130,578.50 plus 39.6% of the excess over $466,950 $120,529.75 plus 39.6% of the excess over $415,050 If taxable income is But not over: over: $ 0 $13,250 $13,250 $50,400 $ 50,400 $130,150 Schedule Z-Head of Household $6,897.50 plus 25% of the excess over $50,400 $26,835.00 plus 28% of the excess over $130,150 $49,417.00 plus 33% of the excess over $210,800 $413,350 $441,000 $116,258.50 plus 35% of the excess over $413,350 $125,936.00 plus 39.6% of the excess over $441,000 $130,150 $210,800 $210,800 $413,350 $441,000 If taxable income is over: Schedule Y-2-Married Filing Separately The tax is: 10% of taxable income $1,325.00 plus 15% of the excess over $13,250 But not over: $233,475 The tax is: 10% of taxable income $927.50 plus 15% of the excess over $9,275 $ 37,650 $ 75,950 $5,183.75 plus 25% of the excess over $37,650 $75,950 $115,725 $14,758.75 plus 28% of the excess over $75,950 $115,725 $206,675 $25,895.75 plus 33% over $115,725 $206,675 $233,475 $55,909.25 plus 35% of the excess over $206,675 $65,289.25 plus 39.6% of the excess over $233,475 $ 0 $9,275 $ 9,275 $37,650 the excess