2020 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households

Rate	For Single Individuals	For Married Individuals Filing Joint Returns	For Heads of Households
Source: Internal Revenue Service
10%	Up to $9,875	Up to $19,750	Up 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	$414,701 to $622,050	$207,351 to $518,400
37%	$518,401 or more	$622,051 or more	$518,401 or more

8. Determine the number of dependency exemptions in each of the following independent situations

(Andy maintains a household that incudes a cousin (age 12), a niece (age 18), and a son (age 26). All are full0time students. Andy furnishes all of their support.)

1

2

3

4

5

9. Determine the taxpayers gross income for tax purposes in each of the following situations.

(Olga, a cash basis taxpayer, sold a corporate bond with accrued interest of $300 for $10,800. Olgas cost of the bond was $10,000.)

10.. Determine the taxpayers gross income for tax purposes in each of the following situations.

(Olga needed $10,000 to make a down payment on her house. She instructed her broker to sell some stock to raise the $10,000. Olgas cost of the stock was $3,000. Based on her brokers advice, instead of selling the stock, she borrowed the $10,000 using the stock as collateral for the debt.)

please answer this within a half hourplease answer all this3 question