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3- The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction...

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Accounting

3-

The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8)

Diego, age 28, married Dolores, age 27, in 2020. Their salaries for the year amounted to $78,325 and they had interest income of $3,450. Diego and Dolores' deductions for adjusted gross income amounted to $7,160; their itemized deductions were $16,800, and they have no dependents.

Table for the standard deduction

Filing Status Standard Deduction
Single $12,400
Married, filing jointly 24,800
Married, filing separately 12,400
Head of household 18,650
Qualifying widow(er) 24,800

Click here to access the tax tables.

a. What is the amount of their adjusted gross income?

b.In order to minimize taxable income, Diego and Dolores will

take the standard deductionitemized their deductions

in the amount of $fill in the blank f2be8a027fd4f8d_2

c. What is the amount of their taxable income?

d. What is their tax liability for 2020?

Answer & Explanation Solved by verified expert
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