Question
Problem 1-35 (LO 1-3) (Algo) Chuck, a single taxpayer, earns $79,600 in taxable income and $15,600 in interest from an investment in City of Heflin
Problem 1-35 (LO 1-3) (Algo)
Chuck, a single taxpayer, earns $79,600 in taxable income and $15,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
Required:
- If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?
- What is his marginal rate if, instead, he had $40,000 of additional deductions?
Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
