Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2021, what is his effective tax rate? (Round your final answer to two decimal places.) (Use tax rate schedule.) Multiple Choice 20.30 percent 13.77 percent 14.98 percent 11.53 percent 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 10% of taxable income $9,950 $ 40,525 $ 86,375 $164,925 $ 209,425 $ 9,950 $ 40,525 $ 86,375 $164.925 $ 209,425 $523,600 $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14.751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 $ 523,600 w Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: 0 $ 19.900 10% of taxable income $ $19.900 $ 81,050 $ 81,050 $ 172,750 $172,750 $329,850 $418,850 $ 628,300 $1.990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29.502 plus 24% of the excess over $172.750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 $329,850 $418,850 $628,300 *** Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,200 $ 14,200 $ 54,200 $ 54,200 $ 86,350 86,350 $164,900 $ 209,400 $ 523,600 $164,900 $ 209,400 $ 523,600 - Schedule Y-2-Married Filing Separately If taxable income is over: But not over: 0 $ 9,950 $ $ 9,950 $ 40,525 $ 40,525 $ 86,375 $ 86,375 $164,925 $ 209,425 $314,150 $164,925 $ 209,425 $314,150 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $ 9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150