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)
Homework Answers
| Tax on $60000 | 9058.5 | =4543+(60000-39475)*22% |
| Taxable income | 97000 | =60000+37000 |
| Tax on $97000 | 17454.5 | =14382.5+(97000-84200)*24% |
| Marginal tax rate | 22.69% | =(17454.5-9058.5)/37000 |
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