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.
What is Leonardo and Theresa's effective tax rate for year 2018?
Answer) 14.12%
Explanations:
Total Income = 145000
Taxable Income = 145000 - 15000 = 130000
Tax = 8907 + ( 130000 - 77400) x 22% = 20479
Effective tax rate = 20479 / 145000 = 14.12%
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000...
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