Leonardo Earns $80,000 of Taxable Income

question 76

Multiple Choice

Leonardo 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. What is Leonardo and Theresa's effective tax rate for year 2017? (Use tax rate schedule in the text)  

• A) 15.00%
• B) 18.44%
• C) 21.04%
• D) 28.00%
• E) None of the choices are correct.

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Definitions:

Overseas Operations

Business activities or functions that are conducted in foreign countries, away from the company's home country.