Leonardo, who is married but files separately, earns $105,000 of taxable income. He also has $11,000...

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Leonardo, who is married but files separately, earns $105,000 of taxable income. He also has $11,000...

Leonardo, who is married but files separately, earns $105,000 of taxable income. He also has $11,000 in city of Tulsa bonds. His wife, Theresa, earns $62,000 of taxable income.

If Leonardo and his wife file married filing jointly in 2019, what would be their average tax rate? (Use tax rate schedule)

		17.04 percent
		None of the choices are correct
		13.41 percent
		23.41 percent
		20.11 percent

business accounting

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Answer 1

Answer #1

Answer :-

Leonardo taxable income - $105,000

Theresa taxable income - $62,000

Together Taxable income of Leonardo and Theresa =. $105,000 + $62,000

Together Taxable income of Leonardo and Theresa = $167,000

Tax rate applicable for the year 2019 for married people filing jointly is $9,086 plus 22% of the amount over $78,950

Total tax = $9,086 + 22% × ( $167,000 - $78,950)

Total tax = $9,086 + $19,371

Total tax = $28,457

Average tax rate = Total tax /Together Taxable income

Average tax rate = $28,457 / $167,000

Average tax rate= 17.04%

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Answer 2

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Leonardo, who is married but files separately, earns $105,000 of taxable income. He also has $11,000...