Saved Help Save & Leonardo, who is married but files separately, earns $72,000 of taxable income. He also has $20,000 in city of Tulsa bonds. His wife, Theresa, earns $55,000 of taxable income. If Leonardo and his wife file married filing Jointly in 2020, what would be their average tax rate?(Use tax rate schedule) (Round your final answer to two decimal places.) 8/19/2020 https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spliker_12e/taxrateschedule2 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 S 85,525 $4,617.50 plus 22% of the excess over $40,125 S 85,525 S163,300 $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 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $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 $9.235 plus 22% of the excess over $80.250 S171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 S622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household Ir taxable income is over: But not over: The tax is: S 0 $ 14,100 10% of taxable income S 14,100 S 53,700 51.410 plus 12% of the excess over $14,100 $ 53,700 S 85,500 S6,162 plus 22% of the excess over $53.700 $ 85,500 S163,300 $13,158 plus 24% of the excess over $85,500 $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 S154,793.50 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 $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 S163,300 $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