Assume a retiree is age 64, single, with the following for 2020: Taxable Investment Income SS benefits received Household expenses Compute the 2020 Federal Income tax liability. The following were in effect in 2020 $28,000 $20,000 $22,000 Single filers Tax rate Taxable income bracket 10% $0 to $9,875 10% of taxable income 12% $9,876 to $40.125 22% $40,126 to $85,525 24% 32% 35% 37% $85,526 to $163,300 $163.301 to $207,350 $207,351 to $518,400 $518,401 or more Tax owed $987.50 plus 12% of the amount over $9.875 $4,617.50 plus 22% of the amount over $40125 $14,605.50 plus 24% of the amount over $85,525 $33,271.50 plus 32% of the amount over $163,300 $47,367.50 plus 35% of the amount over $207,350 $156,235 plus 37% of the amount over $518,400 The 2020 standard deduction if filing as single is $12.400 For 2020 there is an additional $1,300 standard deduction for each mamed person age 65 or older ($1650 if single and age 65 or older Multiple Choice $2,600 $2.560 $2.623 $3,560