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The Tax Formula for Individuals, Filling Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Diego, age 28, married Dolores, age 27,
The Tax Formula for Individuals, Filling Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Diego, age 28, married Dolores, age 27, in 2021. Their salaries for the year amounted to $53,645 and they had interest income of $2,640. Diego and Dolores deductions for adjusted gross income amounted to $3,830; their itemized deductions were $8,175, and they have no dependents. Their 2021 EIP was equal to the 2021 RRC Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 Click here to access the tax tables. a. What is the amount of their adjusted gross income? b. In order to minimize taxable income, Diego and Dolores will) c. What is the amount of their taxable income? d. What is their tax liability for 20217 in the amount of
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