Leonardo, Who Is Married but Files Separately, Earns $82,200 of Taxable

question 67

Multiple Choice

Leonardo, who is married but files separately, earns $82,200 of taxable income. He also has $17,200 in city of Tulsa bonds. His wife, Theresa, earns $52,200 of taxable income.If Leonardo earned an additional $32,200 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.)

• A)22.16 percent
• B)18.97 percent
• C)24.16 percent
• D)23.79 percent
• E)None of the choices are correct

Identify the procedures to correct accounting errors.

Distinguish between correcting entries and adjusting entries.

Understand the methods of correcting errors on saved documents in QBO.

Know how to make specific types of adjusting entries for accrued expenses and prepaids in QBO.