Jimmy deposited $1,000 in a traditional IRA this year.Jimmy is covered by a pension plan at work; Kelly is not.

Jimmy and Kelly Tornarno are married ages 49 and 47

They have one dependent a son age 15

Jimmy manages a hobby shop his salary was $58,000

Jimmy also has part time job on weekends salary is $16,000

Kelly works part time her annual earnings were 9,000

Other income:

Tornarno family 2000 in ordinary dividends

10000 inheritance

20000 in life insurance proceeds from kellys deceased father

Jimmy paid 12000 in child support for his daughter who lives with his ex wife

During the past year Jimmy and Kelly incurred the following expenses:

Medical and dental expenses:$9,000

Cash contributions to church:$3,500

State income taxes:$3,200

Property tax:

$1,800

Home mortgage interest:$8,100

Uninsured loss in value of family car due to collision:$1,800

What is the Tornarnos's marginal tax bracket?

24%

12%

10%

32%