Tax Rate Schedule:

Chuck, a single taxpayer earns $79,600 in taxable income and $15.000 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule. Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: S 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 54.664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $ 164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 547,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 51.990 plus 12% of the excess over $19,900 $ 81,050 S 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 S29,502 plus 24% of the excess over $172,750 $ 329,850 S 418,850 567,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 595,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 56,220 plus 22% of the excess over $54,200 $ 86,350 $ 164,900 $13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 $32,145 plus 32% of the excess over $164,900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523.600 $156,355 plus 37% of the excess over $523,600