Leonardo, who is married but files separately, earns $90,000 of taxable income. He also has $8,750...
Leonardo, who is married but files separately, earns $90,000 of
taxable income. He also has $8,750 in city of Tulsa bonds. His
wife, Theresa, earns $37,500 of taxable income.
If Leonardo instead had $27,500 of additional tax deductions for
year 2018, his marginal tax rate on the deductions would be: (Use
tax rate schedule)
Multiple Choice
-
12.55%
-
14.43%
-
22.55%
-
16.92%
-
None of the choices are correct.
Homework Answers
Answer : None of the choices are correct
Explanation:
Total taxable income of Leonardo = 90000 + 27500 = 117500
Tax rate applicable for the year 2017 for married people filing separately is 28% + 14693.75 for taxable income over $75600.
Marginal rate = (Total tax at $110000 - total tax at $90000)/($110000 - $90000)
= (28%(117500 - 75600) + 14693.75) - 28%(90000 - 75600) + 14693.75)]/(117500 - 90000)
= (15846.25 - 8146.25) / 27500
= 7700/27500
= 0.28 * 100
= 28% Hence none of the choices are correct.
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