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 year 2018? (Use tax rate schedule)
A) Nothing
B) $103.50
C) $309.75
D) $5,932.50
E) None of the choices are correct.

Question

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 year 2018? (Use tax rate schedule) 
A) Nothing
B) $103.50
C) $309.75
D) $5,932.50
E) None of the choices are correct.

Quizplus · Accepted Answer

$20,479.00 both separate and joint = $0.

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