Item 1 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.) Required: 1. How much federal tax will he owe? Federal tax 2. What is his average tax rate? Choose Numerator 1 Choose Denominator = = Average Tax Rate 3. What is his effective tax rate? Choose Numerator Choose Denominator 4. What is his current marginal tax rate? Marginal tax rate % Effective Tax Rate = Item 2 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.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? a. What is his marginal rate if, instead, he had $40,000 of additional deductions? a. Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %