Table 1. Standard Deduction categories, 2021 Filing Status Single Married Filing Jointly & Surviving Spouses Married Filing Separately Heads of Household Standard Deduction Amount $12,550 $25,100 $12,550 $18,800 Table 2. Married Filing Jointly Tax Table, 2021: Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0-$19,900 $19,901-$81,050 - $81,051 $172,750 $172,751 $329,850 $329,851 $418,850 $418,851 $628,300 $628,301 Default Stude 10% of taxable income $1,990 +12% of the amount over $19,900 $9,328 +22% of the amount over $81,050 $29,502 +24% of the amount over $172,750 $67,206 +32% of the amount over $329,850 $95,686 +35% of the amount over $418,850 $168,993.50+ 37% of the amount over $628,300 English (USA) Outline 2 Part 2) Itemized Deductions Ken earns $36,601 & Amanda earns $104,272 in gross income during 2021. During 2021, Ken placed $4800 of his gross income into a pre-tax retirement account. Amanda placed $2,750 of her gross income in a pre-tax FSA (Flexible Spending Account) for medical expenses.. Ken and Amanda are legally married, and they plan to file their taxes together jointly. Assume this couple will instead apply the below itemized deductions (instead of taking the standard deduction) to their joint income. (hint: add up the itemized deductions, and use this amount in place of the standard deduction): Their Itemized Deductions for 2021 are: Home mortgage interest: $8,985 Personal property & real estate tax: $1,178 State sales tax: $1,732 First, add up the above itemized deductions. Next, use Table 2 above as needed. What is now the couple's........ 4) Adjusted gross income for 2021? 2pt 5) Taxable income for 2021? 2pt 6) How much will they pay in federal income taxes for 2021? 4pts English ICAL 7) Should Ken and Amanda take the standard deduction, or itemize their deductions? How much will they save in federal income taxes by making this choice? 4pts