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 earned an additional $30,000 of taxable income this year, what would be the marginal tax
rate (rounded) on the extra income for year 2012?
If Leonardo instead had $30,000 of additional tax deductions for year 2012, his marginal tax rate
(rounded) on the deductions would be:
If Leonardo and his wife file married filing jointly in 2012, what would be their average tax rate
What is Leonardo and Theresa's effective tax rate for year 2012 (rounded)?
None of these