QUESTION 5 Chuck, a single taxpayer, eams $80,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? QUESTION 6 Chuck, a single taxpayer, eams $80,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income? QUESTION 7 Jorge and Anita, married taxpayers, eam $155,000 in taxable income and $40,000 in interest from an investment in City of Hefin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? QUESTION 8 Melinda invests $300,000 in a City of Heflin bond that pays 3 percent interest. Alternatively. Melinda could have invested the $300,000 in a bond recently issued by Surething, Inc. that pays 4 percent interest with similar risk and other nontax characteristics to the City of Heflin bond. Assume Melinda's marginal tax rate is 25 percent What is her after-tax rate of return for the City of Heflin bond?