Leonardo, Who Is Married but Files Separately, Earns $80,000 of Taxable

question 19

Multiple Choice

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 earned an additional $30,000 of taxable income this year, what would be the marginal tax rate (rounded) on the extra income for 2019? (Use tax rate schedule.)

• A)22.00 percent
• B)18.81 percent
• C)24.00 percent
• D)23.72 percent
• E)None of the choices are correct

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Definitions:

Closed-ended Research

Research methodology that uses predefined responses to questions, allowing for easy quantification of data.

Closed-ended Research

A research approach that uses structured questions with predetermined response options in surveys or questionnaires.

Open-ended Research

A research approach that allows for the collection of detailed, qualitative data without limiting respondents to predetermined answers.

Explanation

Providing reasons for how or why something occurs, often involves detailing cause-and-effect relationships.