Chuck, a single taxpayer, earns $42,000 in taxable income and $10,900 in interest from an investment...

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Chuck, a single taxpayer, earns $42,000 in taxable income and $10,900 in interest from an investment...

Chuck, a single taxpayer, earns $42,000 in taxable income and $10,900 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)

Required:

How much federal tax will he owe?
What is his average tax rate?
What is his effective tax rate?
What is his current marginal tax rate?

business accounting

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Answer 1

Answer #1

chuck will owe $6,428.ts in federal Precome tax this year computed as follows: $6,428.15 - $4,991.25+257.6$ 42,000 -136,250)

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Answer 2

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