Harris, a single taxpayer, earns $424,000 in taxable income and $3,200 in interest from an investment in State of New Hampshire bonds. (Use the U.S. tax rate schedule.)

Required:

a. How much federal tax will Harris owe?

b. What is Harris' average tax rate?

c. What is Harris' effective tax rate?

d. What is Harris' current marginal tax rate?

2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: : S 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 8995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 S4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14.751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33.603 plus 32% of the excess over $164.925 $ 209,425 S 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 S1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 S 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 S 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 $164,900 $13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 $32, 145 plus 32% of the excess over $164,900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $ 209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $ 9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $164.925 S14,751 plus 24% of the excess over $86,375 $ 164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209,425 $ 314,150 $84.496.75 plus 37% of the excess over $314,150