Marc, a single taxpayer, earns $64,200 in taxable income and $5,420 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2020, what is his effective tax rate? (Round your final answer to two decimal places.)(Use Tax rate schedule.)

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Marc's taxable income is $64,200. The interest from city bonds is tax-exempt. Using the 2020 tax rate schedule, his tax liability is $9,142. His effective tax rate is $9,142 / $64,200 = 14.24%.

Marc, a Single Taxpayer, Earns $64,200 in Taxable Income and $5,420