Leonardo earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His 7w8i)fe, Theresa, earns $50,000 of taxable income.What is Leonardo and Theresa's effective tax rate for year 2017? (Use tax rate schedule.)
A) 28.00%
B) 18.44%
C) 21.04%
D) 15.00%
E) None of the choices are correct.

Question

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The Answer of Leonardo earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His 7w8i)fe, Theresa, earns $50,000 of taxable income.What is Leonardo and Theresa's effective tax rate for year 2017? (Use tax rate schedule.)
A) 28.00%
B) 18.44%
C) 21.04%
D) 15.00%
E) None of the choices are correct.

Leonardo Earns $80,000 of Taxable Income