Menard, who is married but files separately, earns $68,500 of taxable income. He also has $18,600 in city of Tulsa bonds. His wife, Sherry, earns $53,600 of taxable income. How much money would Menard and Sherry save if they file jointly instead of separately for 2020? (Use tax rate schedule.)

Multiple Choice

• Nothing

• $206.10

• $617.55

• $11,842.00

2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 S 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income 5987.50 plus 12% of the excess over 59,875 54,617.50 plus 22% of the excess over $40,125 $14.605.50 plus 24% of the excess over 585,525 $33,271.50 plus 32% of the excess over $163,300 547,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1- Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 S 80,250 $171,050 59,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over 5414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,100 10% of taxable income S 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 56,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over 585,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 5987.50 plus 12% of the excess over 59,875 $ 40,125 $ 85,525 54,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over 585,525 $163,300 $207,350 533,271.50 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