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Problem 1 - 3 4 ( LO 1 - 3 ) ( Algo ) Chuck, a single taxpayer, earns $ 7 9 , 6 0

Problem

1 - 34 (

1 - 3) (

Algo

)

Chuck, a single taxpayer, earns $

79, 600

in taxable income and $

15, 000

in interest from an investment in City of Heflin bonds.

(

Use the U

.

S tax rate schedule.

)

Required:

How much federal tax will he owe?

What is his average tax rate?

What is his effective tax rate?

What is his current marginal tax rate?

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