Chuck, a single taxpayer, earns $79,750 in taxable income and $28,250 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)
2019 Tax Rate Schedules
|If taxable income is over:||But not over:||The tax is:|
|$ 0||$ 9,700||10% of taxable income|
|$ 9,700||$ 39,475||$970 plus 12% of the excess over $9,700|
|$ 39,475||$ 84,200||$4,543 plus 22% of the excess over $39,475|
|$ 84,200||$160,725||$14,382.50 plus 24% of the excess over $84,200|
|$160,725||$204,100||$32,748.50 plus 32% of the excess over $160,725|
|$204,100||$510,300||$46,628.50 plus 35% of the excess over $204,100|
|$510,300||—||$153,798.50 plus 37% of the excess over $510,300|
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