"Eric is single and has no dependents for 2020. He earned $60,000 and had deductions from gross income of $1,800 and itemized deductions of $12,600. Compute Erics income tax for the year using the Tax Rate Schedules."

2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50 14,605.50 33,21750 47,367.50 156,235 22 24 32 of the amount over $0 9.875 40,125 85,525 163,300 207350 518,400 35 37 + SCHEDULE Y-1: Married Filing Jointly and Surviving Spouses Taxable income Over But Not Over Pay $0 $19,750 $0.00 19,750 80,250 1,975 80,250 171,050 9,235 171,050 326,600 29,211 326,600 414,700 66,543 414,700 622.,050 94,735 622,050 167,307.50 % on Excess 10% 12 22 24 32 35 37 of the amount over $0 19,750 80,250 171,050 326,600 414,700 622,050 SCHEDULE Y-2: Married Individuals Filing Separately Taxable income Over But Not Over Pay $0 $9,875 $0.00 9.875 40,125 987.50 40,125 85,525 4,617.50 85,525 163,300 14,605.50 163,300 207,350 33,271.50 207,350 311,025 47,367.50 311,025 83,653.75 % on Excess 10% 12 22 of the amount over $0 9,875 24 32 35 37 40,125 85,525 163,300 207,350 311,025 SCHEDULE Z: Heads of Households Taxable income Over But Not Over $0 $14,100 14,100 53,700 53,700 85,500 85,500 163,300 163,300 207,350 207,350 518,400 518,400 % on Excess 10% 12 22 Pay $0.00 1,410 6,162 13,158 31,830 45,926 154,793.50 of the amount over $0 14,100 53,700 85,500 24 32 163,300 207,350 35 37 518,400