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Jack and Paula are married, file jointly, and have one dependent (12-year old qualifying child). Jack receives a $87,000 salary. Paula is self-employed. Her sole proprietorship's revenues are $97,000, and its expenses are $43,000. Jack and Paula each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $25,500. Federal income taxes of $7,300 are withheld from Jack's paychecks, and Paula makes $3,500 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. First, compute their gross income. Gross income - Reference ja Jad $87 $43 ded $3. les Red Married individuals filing joint returns and surviving spouses $ 24,800 Heads of households $ 18,650 Unmarried individuals (other than surviving spouses and heads of households) $ 12,400 Married individuals filing separate returns $ 12,400 Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,300 Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650 Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. 2020 Child Tax Credit = $2,000 per qualifying child Fire Gro Print Done Jack and Paula are married, file jointly, and have one dependent (12-year old qualifying child). Jack receives a $87 $43 X dedy Reference $3,5 - Es > Real First Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19.750 . 10% of taxable income Over $19,750 but not over $1,975.00 + 12% of the excess over $80,250 $19,750. Over $80,250 but not over $9,235.00 + 22% of the excess over $171,050 $80,250 Over $171,050 but not over $29,211.00 + 24% of the excess over $326,600 $171,050 Over $326,600 but not over $66,543.00 + 32% of the excess over $414,700 $326,600 Over CAA 700.htnet LA $04 725.00 + 35% of the avrace over . Grol Print Done Jack and Paula are married, file jointly, and have one dependent (12-year old qualifying child). Jack receives a $87 $43 dedi Reference $3,5 1 es Real First Over $19,750 but not over $80,250 Over $80,250 but not over $171,050 Over $171,050 but not over $326,600 Over $326,600 but not over $414,700 Over $414,700 but not over $622,050 $1,975.00 +12% of the excess over $19,750. $9,235,00 + 22% of the excess over $80,250 $29,211.00 +24% of the excess over $171,050 $66,543.00 + 32% of the excess over $326,600 $94.735.00 + 35% of the excess over $414,700 $167,307.50 + 37% of the excess over $622,050 . Grol Over $622,050 Print Done Jack and Paula are married, file jointly, and have one dependent (12-year old qualifying child), Jack receives a $87,000 salary. Paula is self-employed. Her sole proprietorship's revenues are $97,000, and its expenses are $43,000. Jack and Paula each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $25.500 Federal income taxes of SZ 300 are withheld from Jack's nauchecks and Daula makes $3,4 Requirements Red Determine the additional tax due or refund when Jack and Paula file their 2020 income tax return. Ignore any self-employment tax Firs Print Done Gro

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