Marc, a Single Taxpayer, Earns $60,400 in Taxable Income and $5,040

Multiple Choice

Marc, a single taxpayer, earns $60,400 in taxable income and $5,040 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.)

A) 20.34 percent
B) 13.87 percent
C) 15.03 percent
D) 10.51 percent
E) None of the choices are correct