Answer :-
Total income of Leonardo and his wife Theresa = $180,000 + $102,000
Total income of Leonardo and Theresa = $282,000
As Per tax rate schedule 2019 Married filling Jointly ,The tax is $28,765 plus 24% of the amount over $168,400
Total tax of Leonardo and Theresa = 28,765 + 24% of ($282,000 - $168,400)
Total tax of Leonardo and Theresa = $28,765 + (24% × $113,600)
Total tax of Leonardo and Theresa = $56,029
Effective Tax rate = Total tax of Leonardo and Theresa / (Total income of Leonardo and Theresa + City of tulsa bonds)
Effective tax rate =$56,029 / ( $ 282,000 + 23,000)
Effective tax rate = $56,029 / $ 305,000
Effective tax rate = 18.37 %
From the above none is correct.
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