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

Chuck, a single taxpayer, earns $$75,200$ in taxable income and $$10,200$ 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?

$1.$ How much federal tax will he owe?

Note: Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.

$2.$ What is his average tax rate?

Note: Do not round intermediate calculations. Round total tax to nearest whole dollar amount.

Choose Numerator $/$ Choose Denominator $=$

Total taxselected answer correct $/$ Taxable incomeselected answer correct $=$ Average Tax Rate

$3.$ What is his effective tax rate?

Note: Do not round intermediate calculations. Round total tax to nearest whole dollar amount.

Choose Numerator $/$ Choose Denominator $=$

not attempted $/$ not attempted $=$ Effective Tax Rate

not attempted $/$ not attempted $=0$

$4.$ What is his current marginal tax rate?

Marginal tax rate $24$selected answer incorrect $\%$