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Question 12 8 pt Edgar and Bennett are married taxpayers filing married filing jointly. In 2020, Edgar earns $60,000 in salary income, and Bennett earns
Question 12 8 pt Edgar and Bennett are married taxpayers filing married filing jointly. In 2020, Edgar earns $60,000 in salary income, and Bennett earns $75,000 in salary income. In 2020, Edgar also receives a $20,000 distribution from a partnership in which he is a 50% partner. The partnership had no taxable income/loss during 2020. Edgar and Bennett have five dependent children and $10,000 in itemized deductions. a. What is Edgar and Bennett's Taxable income in 2020? b. Assume Edgar and Bennett have a taxable income of $150,000 (note, this is not the correct answer to part a.). Assuming Edgar and Bennett have a taxable income of $150,000, what is their federal income tax liability in 2020
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