Leonardo, Who Is Married but Files Separately, Earns $63,000 of Taxable

question 44

Multiple Choice

Leonardo, who is married but files separately, earns $63,000 of taxable income. He also has $16,400 in city of Tulsa bonds. His wife, Theresa, earns $51,400 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.)

• A)12.00 percent
• B)22.00 percent
• C)14.64 percent
• D)21.69 percent
• E)None of the choices are correct

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Definitions:

Elite Democracy

A theory of democracy that suggests a small, socio-economically privileged group makes the most significant political decisions.

Political System

The system of government in a country, including the institutions, laws, activities, and principles that define how political power and authority are acquired, communicated, and exercised.

Coupon Rate

The annual interest rate paid by the issuer of a bond to the bondholder, typically expressed as a percentage of the bond's face value.