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. If Leonardo instead had $30,000 of additional tax deductions for 2020, his marginal tax rate on the deductions would be: (Use tax rate schedule.)(Round your final answer to two decimal places.)
A)12.00 percent
B)23.62 percent
C)22.00 percent
D)24.00 percent
E)None of the choices are correct

Question

Quizplus · Accepted Answer

Leonardo's taxable income of $80,000 places him in the 22% tax bracket for married individuals filing separately in 2020. Therefore, his marginal tax rate on additional deductions would be 22.00 percent.

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