2. Romeo and Juliet are married, with 2 children ages 8 and 11. They will be filing jointly, take the standard deduction, and have made a $5500 contribution to their 401k. Their combined income for 2020 was $250,000 and they earned $20,000 in interest (10 points) 2020 Standard Deduction Filing Status Deduction Amount Single $12,400 Married Filing Jointly $24,800 Head of Household $18,650 Source: Internal Revenue Service Tax Single rate Married Filing Jointly Head of Household 10% $0 to $9,875 $0 to $19,750 $0 to $14,100 12% $9,876 to $40,125 $19,751 to $80,250 $14,101 to $53,700 22% $40,126 to $85,525 $80,251 to $171,050 $53,701 to 85,500 24% $85,526 to $163,300 $171,051 to $326,600 $85,501 to $163,300 32% $163,301 to $207,350 $326,601 to $414,700 $163,301 to $207,350 35% $207,351 to $518,400 $207,351 to $518,400 $414,701 to $622,050 $622,051 or more 37% $518,401 or more $518,401 or more