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Leonardo, who is married but files separately, earns $68,500 of taxable income. He also has $18,600 in city of Tulsa bonds. His wife, Theresa, earns
Leonardo, who is married but files separately, earns $68,500 of taxable income. He also has $18,600 in city of Tulsa bonds. His wife, Theresa, earns $53,600 of taxable income. If Leonardo and his wife file married filing jointly in 2021, what would be their average tax rate? (Use tax rate schedule.) (Round your final answer to two decimal places.) Multiple Choice 12.00 percent 22.00 percent 15.04 percent 19.05 percent 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 5995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 54,664 plus 22% of the excess over $40,525 $ 86,375 $ 164.925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 S33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 S157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 59,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 567,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 595,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 56,220 plus 22% of the excess over $54,200 $ 86,350 $ 164,900 S13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 S32,145 plus 32% of the excess over $164,900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 5995 plus 12% of the excess over $ 9,950 $ 40,525 $ 86,375 54,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 S14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209,425 $ 314,150 $84,496.75 plus 37% of the excess over $314,150
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