* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe?

* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his effective tax rate?

* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his current marginal tax rate?

Expert Solution

Income Slab	Tax Percent	Tax
0-9700	10%	970
9701-39475	12%	3573
39476-84200	22%	6715.5
		11258.5


Effective Rate	Amount
Total Tax	11258.5
Total Income	80000
Effective Rate	14.07%


Marginal Tax Rate will remain 22% rate tax bracket if this income increases upto $ 14200 (84200-70000) and
deductions from income upto $ 30524 (70000-39476)

ekkarill92 answered 3 years ago

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