2. Mary is single with no dependents and has an annual salary of $122,000. She purchased a house that costs $300,000. In her state, income taxes are a flat 5% of all income (with no deductions or exemptions), and property taxes are 2% per year of the value of the house. Based on the 2017 tax reform bill, and the limit of the state and local tax exemption is $10,000. If Mary decides to itemize her deductions, she has no deductions beyond her state and local taxes, and the annual mortgage interest of $10,000. In 2020, the standard deduction for a single is $12,400. The 2020 federal income tax brackets and rates are as follows: 2020 Federal Income Tax Brackets and Rates Rate 10% 12% 22% 24% 32% 35% 37% For Single Individuals Up to $9,875 $9,876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to $207,350 $207,351 to $518,400 $518,401 or more (1) If Mary takes the standard deduction, what will be her tax bill? (2) If Mary itemizes her deductions, what will be her tax bill