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Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $14,750 in city of Tulsa bonds. His wife, Theresa, earns

Leonardo, who is married but files separately, earns $170,000 of taxable income. He also has $14,750 in city of Tulsa bonds. His wife, Theresa, earns $82,000 of taxable income. If Leonardo and his wife file married filing jointly in 2018, what would be their effect tax rate (rounded)? (Use tax rate schedule)

Multiple Choice

16.27%

20.02%

25.31%

26.27%

None of the choices are correct.%

image text in transcribed 2018 Tax Rate Schedules Individuals Schedule X-Single Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) Schedule Z-Head of Household Schedule Y-2-Married Filing Separately

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