Answer the following questions and must include explanations for all.

1. In 2020, the standard deduction for a married taxpayer filing a joint return and who is 67 years old with a spouse who is 62 years old is____. (explain your answer)

A) $24,800

B) $26,100

C) $27,400

D) $28,200

2. Perla, age 67 and single, paid home mortgage interest of $6,000, charitable contributions of $2,000 and property taxes of $3,000 in 2020. He has no dependents. Perla will claim a deduction from AGI of _____. (explain your answer)

A) $14,050

B) $16,650

C) $16,100

D) $15,000

3. Ozzie and Harriet Tyler have two children ages 16 and 19. The 19-year-old is disabled and is a dependent. Their modified AGI is $108,000. What is the total amount of the child tax credit and credit for other dependents to which they are entitled? (explain your answer)

A) $0

B) $2,000

C) $2,500

D) $4,000

4. Rob and Laura have two dependent children ages 11 and 14. Their modified AGI is $425,000. What is the amount of the child tax credit to which they are entitled? (explain your answer)

A) $0

B) $500

C) $2,750

D) $4,000

5. Nick, who is single, is claimed as a dependent by his parents. He received $1,500 during the year in dividends, which was his only income. What is his standard deduction for 2020? (explain your answer)

A) $1,100

B) $1,500

C) $2,350

D) $12,400