Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Leonardo, who married but files separately, earns $80,400 of taxable income. He also has $15,400 In city of Tulsa bonds. His wife, Theresa, earns $50,400

image text in transcribedimage text in transcribed

Leonardo, who married but files separately, earns $80,400 of taxable income. He also has $15,400 In city of Tulsa bonds. His wife, Theresa, earns $50,400 of taxable income. If Leonardo earned an additional $30,400 of taxable income this year, what would be the marginal tax rate on the extra income for 2020? (Use tax rate schedule. (Round your final answer to two decimal places.) Multiple Choice 22.03 percent 18.84 percent 24.03 percent O 23.66 percent O None of the choices are correct Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: S 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 $47,367.50 plus 35% of the excess over $207,350 $311,025 $83.653.75 plus 37% of the excess over $311,025 Thino horn to nonrch PI

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

Step: 3

blur-text-image

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

Accounting Principles Volume 2 Chapters 13 To 26

Authors: Jerry J. Weygandt

11th Edition

1118342070, 978-1118342077

More Books

Students also viewed these Accounting questions

Question

Which computers require IPsec enforcement?

Answered: 1 week ago