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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

Leonardo Earns $80,000 of Taxable Income