Standard Deduction Amounts Filing Status 2020 Single 12,400 Married Filing Jointly or Surviving Spouse 24,800 Head of
Question:
Standard Deduction Amounts Filing Status 2020 Single 12,400 Married Filing Jointly or Surviving Spouse 24,800 Head of Household 18,650 Married Filing Separately 12,400 Child Tax Credit (per child) 2,000
and their income and expense statement,
Income Salary income 55,000.00 Interest income 2,600.00 Expenses Home mortgage interest 17,000.00 Real estate and state income taxes 9,400.00 Other IRA contribution Shameka 2,100.00 IRA contribution Curtis 2,800.00
,
calculate the 2020 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the itemized deductions. Explain to the Williamses which method they should use and why.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill