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Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds.
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Tax Details of Chuck
Details Amt $
Taxable Income               75,000
Interest from Municipal Bond
Investment is considered Tax exempt             10,000
a Tax Calculation
Tax due =$5156.25+25%*(75000-37450)= $ 14,543.75
b Average Tax Rate =14543.75/75000= 19.39%
c Effective Tax Rate ;
Total Pretax Income =75000+10000=             85,000
Tax owed=       14,543.75
Effective Tax Rate =14543.75/85000= 17.11%
g Marginal Tax Bracket of Chuck is 25%
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