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

question 53

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. How much money would Leonardo and Theresa save if they file jointly instead of separately for 2020? (Use tax rate schedule.)

• A)Nothing
• B)$103.50
• C)$309.75
• D)$13,580
• E)None of the choices are correct.

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Main Street

A term often used metaphorically to refer to the typical norms and economic activities of small-town or everyday life in America.

Economic Center

A significant location or region within a country or the world known for its strong economic activity, influence, or wealth.

Off-Price Retailers

Retail stores that sell branded goods at lower prices than those typically charged by department stores or other conventional retailers, often merchandise that is in excess or from previous seasons.

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Membership-based retail stores offering a wide variety of merchandise, often in bulk, at discounted prices.