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 and his wife file married filing jointly in 2023, what would be their average tax rate? (Use tax rate schedule.)

Note: Round your final answer to two decimal places.

Multiple Choice

12.00 percent

22.00 percent

14.78 percent

18.92 percent

None of the choices are correct.