Leonardo, who is married but files separately, earns $180,000 of taxable income. He also has $23,000...

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Leonardo, who is married but files separately, earns $180,000 of taxable income. He also has $23,000 in city of Tulsa bonds.

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Answer 1

Answer #1

Answer :-

Total income of Leonardo and his wife Theresa = $180,000 + $102,000

Total income of Leonardo and Theresa = $282,000

As Per tax rate schedule 2019 Married filling Jointly ,The tax is $28,765 plus 24% of the amount over $168,400

Total tax of Leonardo and Theresa = 28,765 + 24% of ($282,000 - $168,400)

Total tax of Leonardo and Theresa = $28,765 + (24% × $113,600)

Total tax of Leonardo and Theresa = $56,029

Effective Tax rate = Total tax of Leonardo and Theresa / (Total income of Leonardo and Theresa + City of tulsa bonds)

Effective tax rate =$56,029 / ( $ 282,000 + 23,000)

Effective tax rate = $56,029 / $ 305,000

Effective tax rate = 18.37 %

From the above none is correct.

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Answer 2

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