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Chuck, a single taxpayer, earns $76,500 in taxable income and $31,600 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below Req A Req B Req c Req D What is his current marginal tax rate? Req C
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In this case, $31600 interest income is tax exempt as per IRS, therefore, tax will be calculated on $76500 only:

As per 2018 Tax rate schedule: In this case, $31600 interest income is tax exempt as per IRS, therefore, tax will be calculated on $76500 only: Federal tax owed by Chuck: (4453.50)+[(76500-38700)*22% Average tax rate (12769.50)/(76500)- Effective tax rate (12769.50)/(76500+31600) Current Marginal tax rate (the last applicable rate in slab) Answers are highlighted in yellow: $12,769.50 b) c) d) 16.69% 11.81% 22.00%

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