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25) Leonardo, who is married but files separately, earns $64,000 of taxable income. He also has $16,800 in city of Tulsa bonds. His wife, Theresa,
25)
Leonardo, who is married but files separately, earns $64,000 of taxable income. He also has $16,800 in city of Tulsa bonds. His wife, Theresa, earns $51,800 of taxable income.
If Leonardo and his wife file married filing jointly in 2020, what would be their average tax rate?(Use tax rate schedule.) (Round your final answer to two decimal places.)
Multiple Choice
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12.00 percent
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22.00 percent
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14.73 percent
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21.78 percent
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None of the choices are correct
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