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If you could help me out with this that would be amazing, having trouble getting the right answer Chuck, a single taxpayer, earns $43,500 in
If you could help me out with this that would be amazing, having trouble getting the right answer
Chuck, a single taxpayer, earns $43,500 in taxable income and $12,250 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required a. If Chuck earns an additional $24,500 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $24,500 of additional deductions? For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a. Marginal tax rate b Marginal tax rate Individuals Schedule X-Single If tasable income is over: But not over: s 9.525 $38,700 $ 82,500 $157,500 $200,000 $500,000 The tax is: S 9,525 38,700 $ 82.500 $157.500 $200,000 $500,000 10% of taxable income S952.50 plus 9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the excess over $500,000 12% of the excess over S
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