Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 $ 9,700 $ 39,475 $ 39,475 $ 84,200 $ 84,200 $160,725 $160,725 $204,100 $204,100 $510,300 $510,300 The tax is: 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 Chuck, a single taxpayer, earns $79,250 in taxable income and $12,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $47,500 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $47,500 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a. b. Marginal tax rate Marginal tax rate