Question
18: Lynn qualifies to use the Head of Household filing status. She is 64 years old and uses the standard deduction. Her taxable income for
18: Lynn qualifies to use the Head of Household filing status. She is 64 years old and uses the standard deduction. Her taxable income for 2020 was $102,000. Her tax liability would be:
$18,559
$16,638
$18,079
None of the answer are correct
$17,118
19:
Karl and Kim seek your advice. They ask you how much tax they would have saved if they had bought a home at the beginning of 2020. They give you the following information:
Additional itemized deductions if the home had been purchased would have been $40,000. They used the standard deduction on their return.
Assume Karl and Kim were in the 32% tax rate.
Given this information, the amount of tax they would have saved would have been:
$8.832
$5,952
$4,864
$12,800
$12,400
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