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?

$2023$ Tax Rate Schedules

Individuals

Schedule X$-$Single

$\backslash$table$[[$If taxable income is over:,But not over:,The tax is:$],[$$$,$$$11,000,10\%$ of taxable income,$],[$$$11,000,$$$44,725,$$$1,100$ plus $12\%$ of the excess over $$11,000$