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Problem 1-35 (LO 1-3) Chuck, a single taxpayer, earns $86,000 in taxable income and $24,750 in interest from an investment in City of Heflin bonds.

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Problem 1-35 (LO 1-3) Chuck, a single taxpayer, earns $86,000 in taxable income and $24,750 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $41,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $41,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) * Answer is complete but not entirely correct. 24.00 O % Marginal tax rate a. 23.04 X % b. Marginal tax rate

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