Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250...

Question

Question

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250 in city of Tulsa bonds.

o 32.15 percent o 28.96 percent o 34.15 percent o 33.87 percent o None of the choices are correct

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ans: Marginal Tax rate = Total Tax at 260,500 - Total Tax at 170,000/(260,500-170,000)

Tax at 260,500 = $46,628.50+35% (260,500-204,100)

= $46,628.50+ 35% (56,400)

= $46,628.50+ 19,740

=$ 66,368.50

Tax at 170,000= $32,748.50+ 32% (170,000-160,726)

=$ 32,748.50+ 32% (9,274)

= $32,748.50+ 2967.68

= $35,716.18

Marginal Tax rate= (66,368.50-35,716.18/)/ (260,500-170,000)

= 30652.32/90,500*100

= 33.87%

Therefore option D is the correct answer 33.87%

Add a comment

Answer 2

Similar Homework Help Questions

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $14,750...

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $14,750 in city of Tulsa bonds. His wife, Theresa, earns $82,000 of taxable income. If Leonardo and his wife file married filing jointly in 2018, what would be their effect tax rate (rounded)?
Leonardo, who is married but files separately, earns $95,000 of taxable income. He also has $8,000...

Leonardo, who is married but files separately, earns $95,000 of taxable income. He also has $8,000 in city of Tulsa bonds. His wife, Theresa, earns $36,000 of taxable income If Leonardo earned an additional $24,000 of taxable income this year, what would be the marginal tax rate on the extra income for 2019? (Use tax rate schedules Multiple Choice 1909 percent None of the choices are correct 2228 percent
Leonardo, who is married but files separately, earns $100,000 of taxable income. He also has $9,500...

Leonardo, who is married but files separately, earns $100,000 of taxable income. He also has $9,500 in city of Tulsa bonds. His wife, Theresa, earns $39,000 of taxable income. If Leonardo earned an additional $31,000 of taxable income this year, what would be the marginal tax rate on the extra income for 2019? (Use tax rate schedules) 24.00 percent 19.09 percent 24.28 percent None of the choices are correct 22.28 percent

Leonardo, who is married but files separately, earns $60,000 of taxable income. He also has $6,500...

Leonardo, who is married but files separately, earns $60,000 of taxable income. He also has $6,500 in city of Tulsa bonds. His wife, Theresa, earns $33,000 of taxable income. If Leonardo earned an additional $37,000 of taxable income this year, what would be the marginal tax rate on the extra income for 2019? (Use tax rate schedules)
Leonardo, who is married but files separately, earns $155,000 of taxable income. He also has $22,250...

Leonardo, who is married but files separately, earns $155,000 of taxable income. He also has $22,250 in city of Tulsa bonds. His wife, Theresa, earns $106,000 of taxable income. How much money would Leonardo and Theresa save if they file jointly instead of separately for year 2018? (Use tax rate schedule) Multiple Choice Nothing $240.30 $720.15 $5,795.70 None of the choices are correct.
Leonardo, who is married but files separately, earns $180,000 of taxable income. He also has $23,000...

Leonardo, who is married but files separately, earns $180,000 of taxable income. He also has $23,000 in city of Tulsa bonds. His wife, Theresa, earns $102,000 of taxable income. If Leonardo and his wife file married filing jointly in 2019, What is Leonardo and Theresa's effective tax rate for 2019 (rounded)?! (Use tax rate schedule) Multiple Choice 16.36 percent 100 o C 19.99 percent 25.29 percent 26.36 percent

Leonardo, who is married but files separately, earns $150,000 of taxable income. He also has $13,250...

Leonardo, who is married but files separately, earns $150,000 of taxable income. He also has $13,250 in city of Tulsa bonds. His wife, Theresa, earns $74,000 of taxable income. If Leonardo and his wife file married filing jointly in 2019, What is Leonardo and Theresa's effective tax rate for 2019 (rounded)? (Use tax rate schedule) 24.67 percent 19.37 percent 25.74 percent 15.74 percent 17.75 percent
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
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000...

Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. If Leonardo and his wife file married filing jointly in 2019, What is Leonardo and Theresa's effective tax rate for 2019 (rounded)? (Use tax rate schedule.) 15.63 percent 22.00 percent 12.00 percent 21.04 percent None of the choices are correct

Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000...

Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. If Leonardo and his wife file married filing jointly in 2019, What is Leonardo and Theresa's effective tax rate for 2019 (rounded)? (Use tax rate schedule.) Multiple Choice 12.00 percent 15.63 percent 21.04 percent 22.00 percent None of the choices are correct

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250...

Homework Answers

Add Answer to:
Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250...

Post as a guest

Earn Coins

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $14,750...

Leonardo, who is married but files separately, earns $95,000 of taxable income. He also has $8,000...

Leonardo, who is married but files separately, earns $100,000 of taxable income. He also has $9,500...

Leonardo, who is married but files separately, earns $60,000 of taxable income. He also has $6,500...

Leonardo, who is married but files separately, earns $155,000 of taxable income. He also has $22,250...

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

Leonardo, who is married but files separately, earns $150,000 of taxable income. He also has $13,250...

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 $80,000 of taxable income. He also has $15,000...

Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000...

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250...

Homework Answers

Add Answer to: Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250...

Post as a guest

Earn Coins

Add Answer to:
Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $22,250...