ACCY 303 X M (no subject x (40) DOWNX Course Moox P My Home signment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false Calculator Instructions Form 1040 Schedule A Schedule B 2019 Tax Rate Schedules Tax Planning for 2020 Alice and Bruce are planning some significant changes for 2020. They have provided you with the following information and asked you to project their taxable income and tax liability for 2020. Assume that the Byrds will itemize their deductions next year. The Byrds will invest the $1,600,000 of life insurance proceeds in short-term certificates of deposit (CDs) and use the interest for living expenses during 2020. They expect to earn interest of $32,000 on the CDs. Bruce has been promoted to regional manager, and his salary for 2020 will be $88,000. He estimates that state income tax withheld will increase by $4,000 and the Social Security tax withheld will be $5,456, Alice, who has been diagnosed with a serious illness, will take a leave of absence from work during 2020. The estimated cost for her medical treatment is $15,400, of which $6,400 will be reimbursed by their insurance company in 2020. Their medical insurance premiums will increase to $9,769. Property taxes on their residence are expected to increase to $5,100. The Byrds' home mortgage interest expense and charitable contributions are expected to be unchanged from 2019. John will graduate from college in December 2019 and will take a job in New York City in January 2020. His starting salary will be $46,000 In 2020, the medical expenses are reduced by 7.5% of AGI. Check My Work 3 more Check My Work uses remaining drivi x ACCY 303 - X M (no subject X (40) DOWNX E Course MOX Review Test X signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress- Calculator Instructions Form 1040 Schedule A Schedule B 2019 Tax Rate Schedules Tax Planning for 2020 Alice, who has been diagnosed with a serious illness, will take a leave of absence from work during 2020. The estimate medical treatment is $15,400, of which $6,400 will be reimbursed by their insurance company in 2020. Their medical in premiums will increase to 59,769. Property taxes on their residence are expected to increase to $5,100. The Byrds' home mortgage interest expense and charitable contributions are expected to be unchanged from 2019. John will graduate from college in December 2019 and will take a job in New York City in January 2020. His starting sala $46,000. In 2020, the medical expenses and reduced by 7.5% of AGI. Assume that all of the information reported in 2019 will be the same in 2020 unless other information has been presented abov 2019 Tax Rate Schedules taxable income would be Based on this information, the Bryd's projected itemized deductions for 2020 would be $30,794 $88,887 and the related tax liability for 2020 would be $11,272 Check My Work 3 more Check My Work uses remaining ACCY 303 X M (no subject x (40) DOWNX Course Moox P My Home signment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false Calculator Instructions Form 1040 Schedule A Schedule B 2019 Tax Rate Schedules Tax Planning for 2020 Alice and Bruce are planning some significant changes for 2020. They have provided you with the following information and asked you to project their taxable income and tax liability for 2020. Assume that the Byrds will itemize their deductions next year. The Byrds will invest the $1,600,000 of life insurance proceeds in short-term certificates of deposit (CDs) and use the interest for living expenses during 2020. They expect to earn interest of $32,000 on the CDs. Bruce has been promoted to regional manager, and his salary for 2020 will be $88,000. He estimates that state income tax withheld will increase by $4,000 and the Social Security tax withheld will be $5,456, Alice, who has been diagnosed with a serious illness, will take a leave of absence from work during 2020. The estimated cost for her medical treatment is $15,400, of which $6,400 will be reimbursed by their insurance company in 2020. Their medical insurance premiums will increase to $9,769. Property taxes on their residence are expected to increase to $5,100. The Byrds' home mortgage interest expense and charitable contributions are expected to be unchanged from 2019. John will graduate from college in December 2019 and will take a job in New York City in January 2020. His starting salary will be $46,000 In 2020, the medical expenses are reduced by 7.5% of AGI. Check My Work 3 more Check My Work uses remaining drivi x ACCY 303 - X M (no subject X (40) DOWNX E Course MOX Review Test X signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress- Calculator Instructions Form 1040 Schedule A Schedule B 2019 Tax Rate Schedules Tax Planning for 2020 Alice, who has been diagnosed with a serious illness, will take a leave of absence from work during 2020. The estimate medical treatment is $15,400, of which $6,400 will be reimbursed by their insurance company in 2020. Their medical in premiums will increase to 59,769. Property taxes on their residence are expected to increase to $5,100. The Byrds' home mortgage interest expense and charitable contributions are expected to be unchanged from 2019. John will graduate from college in December 2019 and will take a job in New York City in January 2020. His starting sala $46,000. In 2020, the medical expenses and reduced by 7.5% of AGI. Assume that all of the information reported in 2019 will be the same in 2020 unless other information has been presented abov 2019 Tax Rate Schedules taxable income would be Based on this information, the Bryd's projected itemized deductions for 2020 would be $30,794 $88,887 and the related tax liability for 2020 would be $11,272 Check My Work 3 more Check My Work uses remaining