Leonardo, who is married but files separately, earns $40,000 of taxable income

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Leonardo, who is married but files separately, earns $40,000 of taxable income. He also has $5,000 in city of Tulsa bonds. His wife, Theresa, earns $30,000 of taxable income.

If Leonardo instead had $10,000 of additional tax deductions for 2019 , his marginal tax rate on the deductions would be: (Use tax rate schedule)

Ο 2.53 percent Ο 4.41 percent Ο 12.53 percent Ο 14.53 percent Ο None of the choices are correct

2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of

$1,940 plus 12% of the excess over $19.400 $9,086 plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $16

business accounting

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Answer 1

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Answers are highlighted in yellow: As per 2019 Tax rate schedule: Filing Separately: Solution: 12.53% Answer: a) Explanation:

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Answer 2

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Leonardo, who is married but files separately, earns $40,000 of taxable income

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