Mitch, a single taxpayer, earns $100,000 in taxable income and $10,000 in interest from an investment in city of Birmingham Bonds. If Mitch earned an additional $80,000, what would his 2020 marginal tax rate be on the $80,000 (rounded)? (Tax rate schedule) Multiple Choice O 25.67% O O 22.00% O 24.00% O 32.00% 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: 0 $ 9,875 $ 9.875 $ 40,125 $ 40.125 $ 85,525 $ 85,523 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,375 $4,617.50 plus 22% of the excess over $40.125 $14,605.50 plus 24% of the excess over $85.525 $33,271.50 plus 32% of the excess over $163,300 S47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167.307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: S 0 $ 14,100 $ 14,100 $ 53,700 $ 53,700 $ 85,500 $ 85,500 $163,300 $163,300 $207,350 $207.350 $518,400 $518,400 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85.500 $31.830 plus 32% of the excess over $163,300 S45.926 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $513.400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: S 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40, 125 $ 85,525 S4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33.271.50 plus 32% of the excess over $163,300 $207,350 $311.025 S47,367.50 plus 35% of the excess over $207,350 $311.025 583.653.75 plus 37% of the excess over $311,025