Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the 2020 tax informaiton below to answer the following questions. The Wilsons are a married couple with two children who are filing jointly. They
Use the 2020 tax informaiton below to answer the following questions. The Wilsons are a married couple with two children who are filing jointly. They have a combined gross income of $277,000. They also have the following adjustments and deductions. Adjustments: - $2700 for contributions to a health saving account Deductions: - $7500 in property tax - $8750 in mortgage interest - $5250 in charitable contributions They are entitled to a $2000 tax credit per child. Find the Wilsons' adjusted gross income. Round your answer to the nearest cent. Will the Wilsons use the standard deduction or itemized deductions? Standard Itemized Find the Wilsons' taxable income. Round your answer to the nearest cent. Compute the Wilsons' tax owed. Round your answer to the nearest cent. $ Suppose their combined W2 say that the Wilsons paid $45,705.00 in taxes in 2020 . Are the Wilsons due a refund, or do they owe additional taxes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started