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

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

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Answer 1

Answer #1

Tax on $95000	16974.5	=14382.5+(95000-84200)*24%
Taxable income	119000	=95000+24000
Tax on $119000	22734.5	=14382.5+(119000-84200)*24%

Marginal tax rate	24.00%	=(22734.5-16974.5)/24000

24.00 percent is marginal tax rate on extra income

Please select 24.00 percent if it's there in options provided.

Else select None of the choices are correct

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Answer 2

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

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