Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Leonardo, who is married but files separately, earns $ 8 0 , 0 0 0 of taxable income. He also has $ 1 5 ,

Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income.
If Leonardo earned an additional $30,000 of taxable income this year, what would be the marginal tax rate on the extra income for 2024?(Use tax rate schedule.)
Note: Do not round intermediate calculations. Round your final answer to two decimal places.
Multiple Choice
22.00 percent
13.91 percent
24.00 percent
22.63 percent
None of the choices are correct. Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
\table[[If taxable income is over:,But not over:,The tax is:],[$0,$23,200,10% of taxable income],[$23,200,$94,300,$2,320 plus 12% of the excess over $23,200],[$94,300,$201,050,$10,852 plus 22% of the excess over $94,300],[$201,050,$383,900,$34,337 plus 24% of the excess over $201,050],[$383,900,$487,450,$78,221 plus 32% of the excess over $383,900],[$487,450,$731,200,$111,357 plus 35% of the excess over $487,450],[$731,200,-,$196,669.50 plus 37% of the excess over $731,200]]
Schedule Z-Head of Household
\table[[If taxable income is over:,But not over:,The tax is:],[$0,$16,550,10% of taxable income],[$16,550,$63,100,$1,655 plus 12% of the excess over $16,550],[$63,100,$100,500,$7,241 plus 22% of the excess over $63,100],[$100,500,$191,950,$15,469 plus 24% of the excess over $100,500],[$191,950,$243,700,$37,417 plus 32% of the excess over $191,950],[$243,700,$609,350,$53,977 plus 35% of the excess over $243,700],[$609,350,-,$181,954.50 plus 37% of the excess over $609,350]]
Schedule Y-2-Married Filing Separately
\table[[If taxable income is over:,But not over:,The tax is:],[$0,$11,600,10% of taxable income],[$11,600,$47,150,$1,160 plus 12% of the excess over $11,600],[$47,150,$100,525,$5,426 plus 22% of the excess over $47,150],[$100,525,$191,950,$17,168.50 plus 24% of the excess over $100,525],[$191,950,$243,725,$39,110.50 plus 32% of the excess over $191,950],[$243,725,$365,600,$55,678.50 plus 35% of the excess over $243,725],[$365,600,-,$98,334.75 plus 37% of the excess over $365,600]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

What is the correlation between EXPERIENCE and PERFORMANCE RATING?

Answered: 1 week ago

Question

Which is a primary source of the PCAOB independence rules?

Answered: 1 week ago