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

Chuck, a single taxpayer, earns $78,700 in taxable income and $14,100 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required:

1. How much federal tax will he owe?
2. What is his average tax rate?
3. What is his effective tax rate?
4. What is his current marginal tax rate?

Req A:

Federal tax

$

Req B:

Choose Numerator	/	Choose Denominator	=
	/			Effective tax rate
	/

Req C:

Choose Numerator	/	Choose Denominator	=
	/			Effective tax rate
	/

Req D:

Marginal Tax Rate

%