Refer to the information in problem 20. Determine George and Mary's income tax liability for 2013. How much tax do they save by itemizing their deductions rather than taking the standard deduction?
In problem
Determine George and Mary's taxable income for 2013 if George has $65,000 of salary income and Mary has $45,000 of salary income and they file a joint tax return. They have two dependent children and $20,000 of itemized deductions.