Leonardo, who is married but files separately, earns $66,000 of taxable income. He also has $17,600 in city of Tulsa bonds. His wife, Theresa, earns $52,600 of taxable income. If Leonardo and his wife are married filing jointly in 2020, what is Leonardo and Theresa's effective tax rate for 2020? (Use tax rate schedule.) (Round your final answer to two decimal places.) Multiple Choice 12.00 percent 14.69 percent 19.29 percent 22.00 percent None of the choices are correct.
Leonardo, who is married but files separately, earns $66,000 of taxable income. He also has $17,600 in city of Tulsa bonds. His wife, Theresa, earns $52,600 of taxable income. If Leonardo and his wife are married filing jointly in 2020, what is Leonardo and Theresa's effective tax rate for 2020? (Use tax rate schedule.) (Round your final answer to two decimal places.) Multiple Choice 12.00 percent 14.69 percent 19.29 percent 22.00 percent None of the choices are correct.
Chapter12: Tax Administration And Tax Planning
Section: Chapter Questions
Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT