Marc, a Single Taxpayer, Earns $294,500 in Taxable Income and $9,050

question 21

Multiple Choice

Marc, a single taxpayer, earns $294,500 in taxable income and $9,050 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2020, what is his current marginal tax rate?(Use tax rate schedule.)

• A)25.00 percent
• B)35.00 percent
• C)37.00 percent
• D)45.00 percent
• E)None of the choices are correct