Use the 2020 tax information below to answer these questions. X Tax Rates Rate Single 10% 12% $0-$9,875 $9,875 - $40,125 Married Filing Jointly $0 - $19,750 $19,750 $80,250 22% $40,125 $85,525 $80,250 $171,050 24% $85,525 $163,300 $171,050 $326,600 32% $163,300 $207,350 $326,600 $414,700 35% $207,350 $518,400 $414,700 $622,050 37% $518,400 or more $622,050 or more Standard Deductions Single Married Filing Jointly $12,400 $24,800 a The Taylors are a married couple with no children who are filing jointly. They have a combined gross income of $345,000. They also have the following adjustments and deductions. Adjustments: $2700 for contributions to a health saving account Deductions: . . $9250 in property tax $9500 in mortgage interest $7000 in charitable contributions Find the Taylors' adjusted gross income. Round your answer to the nearest cent. $ Will the Taylors use the standard deduction or itemized deductions? OItemized Standard