Leonardo, who is married but files separately, earns $60,500 of taxable income. He also has...
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Leonardo, who is married but files separately, earns $60,500 of taxable income. He also has $15,400 in city of Tulsa bonds. His wife, Theresa, earns $50,400 of taxable income.
If Leonardo and his wife file married filing jointly in 2020, what would be their average tax rate?(Use tax rate schedule.) (Round your final answer to two decimal places.)
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 19,750 | 10% of taxable income |
| $ 19,750 | $ 80,250 | $1,975 plus 12% of the excess over $19,750 |
| $ 80,250 | $171,050 | $9,235 plus 22% of the excess over $80,250 |
| $171,050 | $326,600 | $29,211 plus 24% of the excess over $171,050 |
| $326,600 | $414,700 | $66,543 plus 32% of the excess over $326,600 |
| $414,700 | $622,050 | $94,735 plus 35% of the excess over $414,700 |
| $622,050 | $167,307.50 plus 37% of the excess over $622,050 |
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