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use 2019 tax rate schedules Chuck, a single taxpayer, earns $143,500 in taxable income and $34,000 in interest from an investment in City of Heflin
use 2019 tax rate schedules
Chuck, a single taxpayer, earns $143,500 in taxable income and $34,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $65,500 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $65,500 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a % Marginal tax rate Marginal tax rate b % PIUDiens 1 Saved Help Save & Exit Submit Check my work Jorge and Anita, married taxpayers, earn $96,500 in taxable income and $77,500 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate % % % Step by Step Solution
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