Marc, a single taxpayer, earns $122,000 in taxable income and $3,800 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.)

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According to the 2020 U.S. tax schedule, the tax rate for single taxpayers earning between $85,526 and $163,300 is 24%. Marc's taxable income of $122,000 falls within this range, so his current marginal tax rate is 24%. The interest income from the city of Birmingham bonds does not affect his tax bracket, as it falls within the same taxable income range.

Marc, a Single Taxpayer, Earns $122,000 in Taxable Income and $3,800