The Lewises are a married couple with a combined income of $46,700. They have one child with a health condition, and can claim the following deductions: $6,000 in property tax $7,000 in mortgage interest $1,500 in charitable contributions $12,000 in qualifying medical expenses They can claim a $2000 child tax credit, and are eligible for an Earned Income Credit of $151. Will the Lewises use the standard deduction or itemized deductions? Itemized Standard Correct Find the Lewises' taxable income. Round your answer to the nearest cent. $ 20200 Correct Compute the Lewises' tax owed. (Note that tax credits may make this number negative.) Round your answer to the nearest cent.

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Standard vs Itemized Deductions Combined income 46700 St... View the full answer