Problem 1-8 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2020 of $47,000. He uses the standard deduction and has 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. Calculate Jonathan's taxable income. b. When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedule? C. What is Jonathan's tax liability? 2020 Tax Table But Thi See the instructions for in 18 to see if you must use the Sample Table Tax Table below to figure your tax. Single Married Mand CAUTION 10 ch | || || me ratey hold Example. Mr. and Mrs. Brown are filing a joint rotum. Their tablo Your taxis Inveme on Fore 1040. up 15. 25.300 Fith they find bo | 200 2020 26 2.30 2.75 $25.300-25, 350 taxable income line. Next, they find the column for 25,250 25300 65 married fing jointly and read down the column. The amount shown 3.350 28.4063848 2640 2.842 2757 2650 2,848 273 where the taxable income line and ting status column meets $2.644. This is the tax amount they should enter in the entry space on Form 1040, 16 line 1 (taxable income And you are it line 15 taxable | income is And you are | Pro 15 table Income And you are 12 Single Marted Mamed Hot org 10 ho AL Single Married Maned Head ||| | lon | | Face held More Mand Head of A hold Your taxi 1,000 2,000 ,,,: ,, , **5.4 t! mmin 01-=#mn m%n m%n.tm m Hu : M : ===usm