Asked by Sheta

Chuck, a single taxpayer, earns $84,500 in taxable income and $23,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)



Required:



If Chuck earns an additional $56,000 of taxable income, what is his marginal tax rate on this income?
What is his marginal rate if, instead, he had $56,000 of additional deductions?


(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)

Answers

Answered by Leo
Can you please show what your work on this is so far, or let us know where you're getting stuck?
Answered by Sheta
for the first question:
Taxable income is 163500
which is on the 32% range

for the second question:
Taxable income is 51,500
which is on the 22% range
Answered by Sheta
I need to know if correct because this is my second time answering the question
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