Question
Bill, age 28, is a single, full-time college student. He earns $13,200 from a part-time job and has taxable interest income of $1,450. His itemized
Bill, age 28, is a single, full-time college student. He earns $13,200 from a part-time job and has taxable interest income of $1,450. His itemized deductions are $845. Calculate Bills taxable income for 2020.
A) $2,250
B) $13,805
C) $0
D) $14,650
Steve is a 30-year-old single taxpayer with adjusted gross income in 2020 of $46,300. He uses the standard deduction and has no dependents. What is Steves tax liability?
A)$3,390
B) $3,789
C) $3,874
D) $3,868
Matt, age 28, married Kate, age 27 in 2020. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Matt and Kates deductions for adjusted gross income amounted to $2,000, their itemized deductions were $16,000, and they have no dependents. What is the amount of their adjusted gross income?
A) $48,730
B) $32,730
C) $50,730
D) $23,930
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