Manny, a single taxpayer, earns $70,000 per year in taxable income and an additional $12,500 per year in city of Boston bonds. If Manny earns an additional $40,200 in taxable income in 2020, what is his marginal tax rate on this income? (Use tax rate schedule.) (Round your final answer to two decimal places.)

Multiple Choice

18.04 percent

22.00 percent

23.23 percent

24.00 percent

None of the choices are correct