Question 17 Not yet answered Points out of 2.00 p Flag question Chip, a single taxpayer, earns $60,000 in taxable income and $5,000 in nontaxable interest from an investment in city of Tampa bonds. When necessary, use the U.S. tax rate schedule for year 2021 (provided below) to compute your answer. If taxable income is over: $0 $9.950 $40,525 $86,375 $164,925 $209,425 $523,600 But not over: $9,950 $40,525 $86,375 $164,925 $209,425 $523,600 Schedule X-Single The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 What is Chip's marginal tax rate? Select one: O A. 22 percent OB. 24 percent O C. 12 percent OD. 32 percent