## Answers

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Leonardo's taxable incme Theresa's taxable income Total taxable income $ 80,000 $ 50,000 $ 130,000 using the Schedule Y-1, the tax on total income shall be as follows tax liability = $9,086 + (($130,000 - $78,950) * 22%) tax liability = $9,086 +($51,050 * 22%) tax liability = $9,086 + $11,231 tax liability = $ 20,317 Effective tax rate = tax liability / Total taxable income Effective tax rate = $20,317/ $130,000 Effective tax rate = 15.63% hence, the correct answer is B) 15.63 percent

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