Ms Gomez earned a $91,250 salary, and Mr Hill earned a $171,000 salary Neither individual had any other income, and neither can itemize deductions Assume the taxable year is 2020 UseIndividual Tax Rate SchedulesandStandard Deduction Table Required Compute Ms Gomez and Mr Hill's combined tax if they file as single individuals the tax items for tax year 2020 of greatest interest to most taxpayers include the following dollar amounts The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300 If taxable Income Is The tax Is Not over $9,875 10 of taxable income Over $9,875 but not over $40, 125 $987 50 12 of excess over $9,875 Over $40,125 but not over $85,525 $4,617 50 22 of excess over $40,125 Over $85,525 but not over $163,300 $14,605 50 24 of excess over $85,525 Over $163,300 but not over $207,350 $33,27 1 50 32 of excess over $ 163,300 Over $207,350 but not over $31 1,025 $47,367 50 35 of excess over $207,350 Over $311,025 $83,653 75 37 of excess over $311,025 Heads of Household If taxable Income Is The tax Is Not over $14,100 10 of taxable income Over $14,100 but not over $53,700 $1,410 12 of excess over $14, 100 Over $53,700 but not over $85,500 $6, 162 22 of excess over $53,700 Over $85,500 but not over $163,300 $13,158 24 of excess over $85,500 Over $163,300 but not over $207,350 $31,830 32 of excess over $163,300 Over $207,350 but not over $518,400 $45,926 35 of excess over $207,350 Over $518,400 $154,793 50 37 of excess over $518,400 Single If taxable Income Is The tax Is Not over $9,875 10 of taxable income Over $9,875 but not over $40,125 Over $40, 125 but not over $85,525 $987 50 12 of excess over $9,875 Over $85,525 but not over $ 163,300 $4,617 50 22 of excess over $40, 125 Over $163,300 but not over $207,350 $14,605 50 24 of excess over $85,525 Over $207,350 but not over $518,400 $33,27 1 50 32 of excess over $163,300 Over $518,400 $47,367 50 35 of excess over $207,350 $156,235 37 of excess over 518,400 MacBook 4 5 6 9 O R T Y U O F G H K V B N M

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Ms  Gomez earned a $91,250 salary, and Mr  Hill earned a $171,000 salary  Neither individual had any other income, and neither can itemize deductions Assume the taxable year is 2020  UseIndividual Tax Rate SchedulesandStandard Deduction Table  Required Compute Ms  Gomez and Mr  Hill's combined tax if they file as single individuals  the tax items for tax year 2020 of greatest interest to most taxpayers include the following dollar amounts  The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year  For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300  If taxable Income Is  The tax Is  Not over $9,875 10  of taxable income Over $9,875 but not over $40, 125 $987 50   12  of excess over $9,875 Over $40,125 but not over $85,525 $4,617 50   22  of excess over $40,125 Over $85,525 but not over $163,300 $14,605 50   24  of excess over $85,525 Over $163,300 but not over $207,350 $33,27 1 50   32  of excess over $ 163,300 Over $207,350 but not over $31 1,025 $47,367 50   35  of excess over $207,350 Over $311,025 $83,653 75   37  of excess over $311,025 Heads of Household If taxable Income Is  The tax Is  Not over $14,100 10  of taxable income Over $14,100 but not over $53,700 $1,410   12  of excess over $14, 100 Over $53,700 but not over $85,500 $6, 162   22  of excess over $53,700 Over $85,500 but not over $163,300 $13,158   24  of excess over $85,500 Over $163,300 but not over $207,350 $31,830   32  of excess over $163,300 Over $207,350 but not over $518,400 $45,926   35  of excess over $207,350 Over $518,400 $154,793 50   37  of excess over $518,400 Single If taxable Income Is  The tax Is  Not over $9,875 10  of taxable income Over $9,875 but not over $40,125 Over $40, 125 but not over $85,525 $987 50   12  of excess over $9,875 Over $85,525 but not over $ 163,300 $4,617 50   22  of excess over $40, 125 Over $163,300 but not over $207,350 $14,605 50   24  of excess over $85,525 Over $207,350 but not over $518,400 $33,27 1 50   32  of excess over $163,300 Over $518,400 $47,367 50   35  of excess over $207,350 $156,235   37  of excess over 518,400 MacBook 4 5 6 9 O R T Y U O F G H K V B N M

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Ms. Gomez earned a $91,250 salary, and Mr. Hill earned a $171,000 salary. Neither individual had any

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Principles Of Accounting Volume 2 Managerial Accounting

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Principles Of Accounting Volume 2 Managerial Accounting

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