Problemchuck a single taxpayer earns 57500 in taxable, Ask an Expert

Accounting

Problem:

Chuck, a single taxpayer, earns $57,500 in taxable income and $17,500 in interest from an investment in City of Heflin bonds. (Use the 2013 U.S. tax rate schedule.)

Required:

Question 1: If Chuck earns an additional $28,500 of taxable income, what is his marginal tax rate on this income?

Question 2: What is his marginal rate if, instead, he had $28,500 of additional deductions?

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165304

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