What is chucks marginal tax rate on the income, Taxation

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What is chucks marginal tax rate on the income

Problem

Chuck, a single taxpayer, earns $77,600 in taxable income and $12,900 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

Task

i. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?
ii. What is his marginal rate if, instead, he had $40,000 of additional deductions?

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Taxation: What is chucks marginal tax rate on the income

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Taxation: What is chucks marginal tax rate on the income

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