The answer is not 19.34% or 17.15%

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Chuck ears and What she marri $40,000 of income, what is ed, he had $40.000 of For all requirements de metround medication Schedule X Single If taxable income is over: But not over: The taxi S 0 9.700 10% of table income $ 9,700 394755970s of the excess over 59,700 $ 39,475 S 84200 S4 50 plus 229 of the excess over 539,475 $ 84,200 $160,725 $14. 50 plus 20% of the excess over 584200 160,725 S204.100 32.748 50 plus of the excess over $160,725 $204,100 $510,300 $46.633 50 plus 35% of the excess over 5204,100 SS10.100 $153.795 50 plus 37% of the excess over 5510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widower) If taxable income is over: But not over: The tax is: S 0 S 19.400 10% of the income $ 19,400 S 78.950 1. 90 12 of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168.400 5321.450 S28,765 of the excess over $168.400 5321.450 S40N 2006 $400,200 $65,497 plus 32% of the excess over $321,450 $408.200 5612.350 591,257 plus 35% of the excess over $408.200 5612150 $164,709 50 plus of the excess over $612,350 Schedule 2 Head of Household 5612.350 $164,709.50 plus 3796 of the excess over 5612 Schedule Head of Household Ir taxable income is over: But not ever 0 5 13.850 $ 13,850 5 5250 $ 52,850 S 4200 $ 84,200 $160,700 $160,700 S204,100 5204,100 5510300 5510,300 10 of t he income 51.385 plus 129 of the excess over $13.850 56.06S plus 229 of the excess over $52.850 5122962 2 4% of the exces Over $84.200 S31322 32 of the excess over $160,700 $45.210 plus 35% of the excess over 5204.100 $152.350 plus 37% of the excess over $510,300 Schedule Y-2-Married Filling Separately If taxable income is over: But not over The taxis $ 59,7000 of the income $ 9,700 S 39,475 5970 plus 12 of the exces over 59,700 $ 39,475 $ 54,200 $453 plus 22% of the excess over $39,475 $ 84,200 $160,725 $1432 So ples 24% of the excess over $84,200 $160,725 5204,100 $32.74% Soples 32 of the excess over $160,725 5204,100 $306, 175 546 50 plus 35% of the excess over $204,100 5106175 $82,354.75 plus 37% of the excess over 5306,175 Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 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? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Marginal tax rate Marginal tax rate b. Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408.200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household S612,JU J2JI Plus JJ UU W ULUJU UUTUU 5408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175