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Answer 1

Answer #1

Answer:

Marginal tax rate of extra income = 34.54%

Working:

Filing Status: Married filing separately

Tax Year: 2019:

Interest from City of Tulsa Bonds is Tax free.

Tax liability on $190,000 = 32748.50 + (190000 - 160725) * 32% = $42,116.50

If Leonardo earned additional taxable income of $92,500, total taxable income = 190000 + 92500 = $282,500

Tax liability on $282,500 =46628.50 + (282500 - 204100) * 35% = $74,068.50

Marginal tax on additional taxable income of $92500 = 74068.50 - 42116.50 = $31952

Marginal tax rate of extra income = 31952 / 92500 = 34.54%

2019 Tax Table for Married Filing Separately referred above to calculate tax liabilities is as below:

Answer 2

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