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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.%
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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