LO 1-3 36.Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds. Using the U.S. tax rate schedule (see Appendix C), how much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate? LO 1-3 37. Using the facts in problem 36, if Campbell earns an additional $15,000 of taxable income, what is her marginal tax rate on this income? What is her marginal rate if, instead, she had $15,000 of additional deductions? 2021 Tax Rate Schedules Individuals Schedule XSingle If taxable income is But not over: 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 $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 $523,600 547,843 plus 35% of the excess over $209,425 $523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule 7Head of Household If taxable income is But not over: over: The tax is: $ $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 S 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 586,350 $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 S523,600 over: Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is But not over: over: The tax is: $0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 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 $418,850 $67,206 plus 32% of the excess over $329,850 $418,850 $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 Y-2Married Filing Separately If taxable income is 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 $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 $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 Estates and Trusts If taxable income is over: $ 0 $ 2,650 But not over: $ 2,650 $ 9,550 The tax is: : 10% of taxable income $265 plus 24% of the excess over $2,650 $1,921 plus 35% of the excess over 59,550 $3,146 plus 37% of the excess over $13,050 $ 9.550 $13.050 $13,050