If Leonardo instead had $30,000 of additional tax deductions for year 2014, his marginal tax rate (rounded) on the deductions would be:
A) 28.00%
B) 25.00%
C) 25.57%
D) 17.07%
E) None of these

Question

Quizplus · Accepted Answer

Leonardo's taxable income for 2014 is $100,000. With the additional $30,000 of tax deductions, his taxable income would be reduced to $70,000. The marginal tax rate for taxable income between $70,000 and $82,500 is 25%.

If Leonardo Instead Had $30,000 of Additional Tax Deductions for Year