Using the 2022 tax rate table above please help answer the following questions:

1. Leonardo, who is married but files separately, earns $64,000 of taxable income. He also has $16,800 in city of Tulsa bonds. His wife, Theresa, earns $51,800 of taxable income. How much money would Leonardo and Theresa save if they file jointly instead of separately for 2022? (Usetax rate schedule.) Multiple Choice

a) Nothing

b) $154.80

c) $463.65

d) $10,110.00

e) None of the choices are correct.

2. Leonardo, who is married but files separately, earns $61,000 of taxable income. He also has $15,600 in the city of Tulsa bonds. His wife, Theresa, earns $50,600 of taxable income. What would be their average tax rate if Leonardo and his wife file married filing jointly in 2022? (Usetax rate schedule.)Note: Round your final answer to two decimal places. Multiple Choice

a) 12.00 percent

b) 22.00 percent

c) 14.15 percent

d) 18.15 percent

e) None of the choices are correct.

3. Leonardo, who is married but files separately, earns $82,900 of taxable income. He also has $18,600 in city of Tulsa bonds. His wife, Theresa, earns $53,600 of taxable income. If Leonardo instead had $31,800 of additional tax deductions for 2022, his marginal tax rate on the deductions would be: (Usetax rate schedule.) Multiple Choice

a) 12.00 percent.

b) 14.71 percent.

c) 22.00 percent.

d) 24.00 percent.

e) None of the choices are correct.

4. Marc, a single taxpayer, earns $60,200 in taxable income and $5,020 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his effective tax rate? (Usetax rate schedule.)Note: Round your final answer to two decimal places. Multiple Choice

a) 22.03 percent

b) 13.59 percent

c) 15.00 percent

d) 11.29 percent

e) None of the choices are correct.

5. Marc, a single taxpayer, earns $62,800 in taxable income and $5,280 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2022, what is his average tax rate? (Usetax rate schedule.)Note: Round your final answer to two decimal places. Multiple Choice

a) 15.02 percent

b) 12.52 percent

c) 11.64 percent

d) 22.00 percent

e) None of the choices are correct.

6. If Susie earns $758,000 in taxable income, how much tax will she pay as a single taxpayer for 2022? (Usetax rate schedule.) Multiple Choice

a) $215,009

b) $280,460

c) $243,415

d) $198,399

e) None of the choices are correct.

7. Manny, a single taxpayer, earns $65,800 per year in taxable income and an additional $12,080 per year in the city of Boston bonds. What is Manny's current marginal tax rate for 2022? (Usetax rate schedule.) Multiple Choice

a) 11.17 percent

b) 12.00 percent

c) 12.72 percent

d) 15.10 percent

e) None of the choices are correct.

8. Leonardo, who is married but files separately, earns $62,000 of taxable income. He also has $16,000 in the city of Tulsa bonds. His wife, Theresa, earns $51,000 of taxable income. If Leonardo and his wife are married and filing jointly in 2022, what is Leonardo and Theresa's effective tax rate for 2022? (Usetax rate schedule.) Note: Round your final answer to two decimal places. Multiple Choice

a) 12.00 percent

b) 16.07 percent

c) 18.06 percent

d) 22.00 percent

e) None of the choices are correct.

9. Jackson has the choice to invest in city of Mitchell bonds or Sundial, Incorporated corporate bonds that pay 9.5 percent interest. Jackson is a single taxpayer who earns $75,500 annually. Assume that the city of Mitchell bonds and the Sundial, Incorporated bonds have similar risk. What interest rate would the city of Mitchell have to pay in order to make Jackson indifferent between investing in the city of Mitchell and the Sundial, Incorporated bonds for 2022? (Usetax rate schedule.) Multiple Choice

a) 7.41 percent

b) 9.50 percent

c) 7.61 percent

d) 6.81 percent

e) None of the choices are correct.

10. Geronimo files his tax return as a head of household for the year 2022. What is his average tax rate if his taxable income is $75,400? (Usetax rate schedule.)Note: Round your final answer to two decimal places. Multiple Choice

a) 14.20 percent

b) 16.46 percent

c) 11.82 percent

d) 22.00 percent

e) None of the choices are correct.

11. The estate of Monique Chablis earned $470 of income this year. Is the estate required to file an income tax return? Multiple Choice

a) No, because the estate's gross income is less than $600, the estate is not required to file an income tax return.

b) No, the estate is exempted from filing an income tax return.

c) Yes, the estate has to file an income tax return irrespective of its income.

d) Yes, because the estate's gross income is more than $600, the estate is required to file an income tax return.

12. Jamarcus, a full-time student, earned $3,150 this year from a summer job. He had no other income this year and will have zero federal income tax liability this year. His employer withheld $378 of federal income tax from his summer pay. Is Jamarcus required to file a tax return? Should Jamarcus file a tax return? Multiple choice

a) He is required to file an income tax return regardless of income and should file a tax return.

b) He is not required to file a tax return as the refund of $378 previously withheld will be automatically credited to his bank account.

c) He is not required to file an income tax return because his gross income of $3150 is well below the gross income threshold for a single taxpayer ($12950 for 2022). He should still file a tax return to receive a refund of the $378 previously withheld.

d) He should compulsorily file a tax return because his gross income of $3,150 is well below the gross income threshold for a single taxpayer.

2022 Tax Rate Schedules Individuals Srhactnla .Sinola