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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $86,000. His allowable deductions for
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $86,000. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,350. 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 \$ and his tax liability is $ for 2020 . b. If Hongtao has $10,200 withheld from his salary during 2020 then Hongtao has of $ c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $34,400, and she has $3,000 withheld from her paychech file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $ and their tax liability is $ for 2020 . They will of $
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