During 2020, James, a single taxpayer incurred the following expenditures:

Qualified medical expenses $ 8,000 ($1,000 of which were reimbursed)

Student loan interest 1,700

Charitable contributions (all cash) 3,000

Qualified mortgage interest (on $200,000 debt) 12,000

State income taxes withheld from paycheck 2,000

Real Estate taxes paid on personal residence 7,000

Personal property taxes paid 4,000

Federal income tax withheld from paycheck 19,000

James also earned the following income:

Salary $70,000

Share of Partnership Income 20,000

Inheritance 4,000

Compute James total itemizable deduction, taxable income and tax liability for the year of 2020.

Tax Brackets & Rates - Individuals Taxable income Between Tax Due $0 $9,875 10% $9,876 $40,125 $988 plus 12% of the amount over $9,875 $40,126 $85,525 $4,617 plus 22% of the amount over $40,125 $85,526 $163,300 $14,605 plus 24% of the amount over $85,525 $163,301 $207,350 $33,271 plus 32% of the amount over $163,300 $207,351 - $518,400 $47,367 plus 35% of the amount over $207,350 $518,400 and Over $156,234 plus 37% of the amount over $518,400 Tax Brackets & Rates - Married Filing Jointly and Surviving Spouses Taxable Income Between Tax Due $0 - $19,750 10% $19,751 $80,250 $1,975 plus 12% of the amount over $19,750 $80,251 $171,050 $9,235 plus 22% of the amount over $80,250 $171,051 $326,600 $29,211 plus 24% of the amount over $171,050 $326,601 $414,700 $66,542 plus 32% of the amount over $326,600 $414,701 $622,050 $94,734 plus 35% of the amount over $414,700 $622,050 and Over $167,306 plus 37% of the amount over $622,050 Tax Brackets & Rates - Heads of Households Taxable income Between Tax Due $0 $14,100 10% $14, 101 $53,700 $1,410 plus 12% of the amount over $14,100 $53,701 $85,500 $6,162 plus 22% of the amount over $53,700 $85,501 $163,300 $13,158 plus 24% of the amount over $85,500 $163,301 $207,350 $31,829 plus 32% of the amount over $163,300 $207,351 $518,400 $45,925 plus 35% of the amount over $207,350 $518,400 and Over $154,792 plus 37% of the amount over $518,400