Individuals Schedule X - Single Schedule Y-1 - Married Filing Jointly orQualifying surviving spouse Schedule Z - Head of Household Schedule Y-2-Married Filing SeparatelyLeonardo, 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 $50,000 of taxable income. If Leonardo and his wife are marriedfiling jointly in 2023, what is Leonardo and Theresa's effective tax rate for2023? (Use tax rate schedule) Note: Round your final answer to two decimalplaces. Group of answer choices 12.00 percent 16.96 percent 19.26 percent22.00 percent None of the choices are correct. IndividualsSchedule X-SingleIf taxable income is over: But not over:$ 11,000$ 44,725$ 95,375$ 182,100$231,250$578,125$0$ 11,000.$ 44,725$ 95,375$182,100$231,250$578,125Schedule Y-1-Married Filing Jointly or Qualifying surviving spouseIf taxable income is over: But not over:The tax is:$0$ 22,000$ 89,450$ 190,750$364,200$462,500$693,750$0$ 15,700$ 59,850$ 95,350$182,100$231,250$578,100Schedule Z-Head of HouseholdIf taxable income is over: But not over:$ 15,700$ 59,850$ 95,350$ 182,100$ 231,250$578,100$ 22,000$ 89,450$ 190,750$364,200$ 462,500$ 693,750$0$ 11,000$ 44,725$ 95,375$182,100$ 231,250$346,87510% of taxable income$1,100 plus 12% of the excess over $11,000$5,147 plus 22% of the excess over $44,725$16,290 plus 24% of the excess over $95,375$37,104 plus 32% of the excess over $182,100$52,832 plus 35% of the excess over $231,250$174,238.25 plus 37% of the excess over $578,125O SearchThe tax is:Schedule Y-2-Married Filing SeparatelyIf taxable income is over: But not over:$ 11,000$ 44,725$ 95,375$ 182,100$ 231,250$ 346,87510% of taxable income$2,200 plus 12% of the excess over $22,000$10,294 plus 22% of the excess over $89,450$32,580 plus 24% of the excess over $190,750$74,208 plus 32% of the excess over $364,200$105,664 plus 35% of the excess over $462,500$186,601.5 plus 37% of the excess over $693,750The tax is:10% of taxable income$1,570 plus 12% of the excess over $15,700$6,868 plus 22% of the excess over $59,850$14,678 plus 24% of the excess over $95,350$35,498 plus 32% of the excess over $182,100$51,226 plus 35% of the excess over $231,250$172,623.5 plus 37% of the excess over $578,100The tax is:10% of taxable income$1,100 plus 12% of the excess over $11,000$5,147 plus 22% of the excess over $44,725$16,290 plus 24% of the excess over $95,375$37,104 plus 32% of the excess over $182,100$52,832 plus 35% of the excess over $231,250$93,300.75 plus 37% of the excess over $346,875

An effective tax rate can be defined as the total amount of taxes paid by an individual or a…

Individuals Schedule X - Single Schedule Y-1 - Married Filing Jointly or Qualifying surviving spouse Schedule Z - Head of Household Schedule Y-2- Married Filing Separately 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 and his wife are married filing jointly in 2023, what is Leonardo and Theresa's effective tax rate for 2023? (Use tax rate schedule) Note: Round your final answer to two decimal places. Group of answer choices 12.00 percent 16.96 percent 19.26 percent 22.00 percent None of the choices are correct.

Individuals Schedule X - Single Schedule Y-1 - Married Filing Jointly or Qualifying surviving spouse Schedule Z - Head of Household Schedule Y-2- Married Filing Separately 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 and his wife are married filing jointly in 2023, what is Leonardo and Theresa's effective tax rate for 2023? (Use tax rate schedule) Note: Round your final answer to two decimal places. Group of answer choices 12.00 percent 16.96 percent 19.26 percent 22.00 percent None of the choices are correct.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions

Section: Chapter Questions

Problem 32P

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