Leonardo, Who Is Married but Files Separately, Earns $80,400 of Taxable

question 15

Multiple Choice

Leonardo, who is married but files separately, earns $80,400 of taxable income. He also has $15,400 in city of Tulsa bonds. His wife, Theresa, earns $50,400 of taxable income.If Leonardo earned an additional $30,400 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)22.03 percent
• B)18.84 percent
• C)24.03 percent
• D)23.66 percent
• E)None of the choices are correct

---

Definitions:

Symbols

Objects, figures, or designs that represent or stand for something else, usually an idea, belief, or entity.

Company's Culture

The shared values, beliefs, norms, and practices that characterize an organization and guide the behavior of its members.

Rituals

Established sequences of activities or ceremonies performed in a prescribed manner, often with symbolic significance.

Company's Culture

The shared values, beliefs, and practices that characterize a company and guide its employees' behaviors.