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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Arthur and Cora are...

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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Arthur and Cora are married and have 2 dependent children. They have a gross income of $94,840. Their allowable deductions for adjusted gross income total $4,900, and they have total allowable itemized deductions of $26,560. The standard deduction for 2020 is $24,800. Refer to the Tax Rate Schedules to answer the following questions. Round intermediate computations and final answer to the nearest dollar. Note: The child tax credit in 2020 is $2,000 per child. a. Arthur and Cora's 2020 taxable income is $ X b. Arthur and Cora's 2020 income tax is $ X.

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