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(22) For 2020, Mr. and Mrs. Knobloch, both under age 65, elect to file a joint return. They are entitled to claim their five children
(22) For 2020, Mr. and Mrs. Knobloch, both under age 65, elect to file a joint return. They are entitled to claim their five children as dependents. Their adjusted gross income is $110,000, and their itemized deductions are $25,000. What is their income tax before credita? Professor'a HINT: After calculating the Taxable Income, if not using tax software to calculate, go to the 2020 Tax Table starting on pdf page 112, which shows in Publication 17 as starting at page 110. Then, locate the 2-places in the table that your calculated taxable income appears, and after finding the filing status column, average the 2 given numbers and divide that by 2. For example, if the taxpayer is single with taxable income of $2,825, one place in the single column on the table says that the tax is 5281 and the other place in the single column says that the tax is $284. 6281+5284-9565. Then divide $565 by 2 to get the best/closest answer without using the tax software. $10, 200 $10,324 $18,700 $10,200
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