Use tax rate schedule. Caroline, veterinarian, determined the following tax information: adjusted gross income, $95,460, and itemized deductions, $10,583. Filing single, calculate Carolines taxable income and tax liability.

2020 Tax Rate Schedules-2.pdf download

Standard deduction for 2020:

• Single or Married filing separately, $12,400
• Married filing jointly or Qualifying widow(er), $24,800
• Head of household, $18,650

Itemized Deductions or Standard Deduction: In most cases, your federal income tax will be less if you take the larger or your itemized deductions or standard deduction.

Adjusted gross income
Standard deduction (2020) or Itemized deductions	(-)
Taxable income	(=)
Tax liability calculation (2020 Tax Rate Schedules)