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Problem 1 - 3 4 ( LO 1 - 3 ) ( Algo ) Chuck, a single taxpayer, earns $ 8 4 , 6 0

Problem $1 - 34 ($ LO $1 - 3) ($ Algo $)$

Chuck, a single taxpayer, earns $ $84, 600$ in taxable income and $ $15, 900$ 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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