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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 2, 5) Hongtao is single and has a gross income of $89,000. His allowable deductions for
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 2, 5) Hongtao is single and has a gross income of $89,000. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $19,000. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $ 65,800 and his tax liability is $ 10,266 for 2020. Feedback Check My Work After determining the taxpayer's taxable income, the tax is computed using the appropriate rate for the taxpayer's filing status. b. If Hongtao has $12,000 withheld from his salary during 2020 then Hongtao has a refund of $ 1,734 Feedback Check My Work Correct C. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $30,000, and she has $2,000 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $ 90,000 and their tax liability is $ for 2020. They will receive a refund of $
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