Chuck a single taxpayer earns 87500 in taxable income and, Ask an Expert

Accounting

Chuck, a single taxpayer, earns $87,500 in taxable income and $2,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)

a. If Chuck earns an additional $5,000 of taxable income, what is his marginal tax rate on this income? Marginal rate%=

b. What is his marginal rate if, instead, he had $5,000 of additional deductions? Marginal rate%=

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91958233

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