Chase Cutter has a marginal tax rate of 33 percent, a state income tax rate of 3.5 percent, and a city income tax rate of 0.5 percent- The tax for Social Security and Medicare is 7.65 percent- What would be the effective marginal tax rate on your last dollar of earnings?

The basic methods of tax planning are: reducing your overall income, increasing your number of tax deductions throughout the year, and taking advantage of certain tax credits.
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