Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer step by step the d question. Thank you! Diego, age 28, married Dolores, age 27, in 2020. Their salaries for the year amounted
Please answer step by step the d question. Thank you!
Diego, age 28, married Dolores, age 27, in 2020. Their salaries for the year amounted to $101,900 and they had interest income of $1,750. Diego and Dolores' deductions for adjusted gross income amounted to $3,625; their itemized deductions were $8,925, and they have no dependents. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Click here to access the tax tables. a. What is the amount of their adjusted gross income? $ 100,025 b. In order to minimize taxable income, Diego and Dolores will take the standard deduction in the amount of 24,800 Feedback c. What is the amount of their taxable income? 75,225 Feedback d. What is their tax liability for 2020? 13,998 XStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started