Leonardo, Who Is Married but Files Separately, Earns $65,500 of Taxable

question 98

Multiple Choice

Leonardo, who is married but files separately, earns $65,500 of taxable income. He also has $17,400 in city of Tulsa bonds. His wife, Theresa, earns $52,400 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)$171.90
• C)$514.95
• D)$10,918.00
• E)None of the choices are correct

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Definitions:

Fiduciary Capacity

A status entailing a legal duty of one party to act in the best interest of another, typically in contexts involving trust, such as financial management or guardianship.

Misappropriation

The unauthorized use of another's name, likeness, or property for personal gain, often violating legal rights.

Pretexting

A deceptive practice where an individual lies about their identity or intentions to obtain personal or sensitive information from another.

Fraudulent Means

Actions or practices intended to deceive or trick others, usually for personal gain or to fulfill some other illicit objective.