Question: Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is

Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is $24,800 for 2020. They own their home. They have the following itemized deductions: Should Donna and Brian itemize their deductions or use the standard deduction?

Medical Bills and Health Insurance	$26,000
Property tax	$1,250
Mortgage Interest expense	$5,500
State sales taxes	$7,000
Miscellaneous deductions	$3,600

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

In 20X0, the Northwest Ballet Association (NBA), a not-for profit performing arts organization, undertook a major capital campaign to fund a new theater, expected to cost $10 million. It was quickly...

2 . Deductions. Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $ 1 8 0 , 0 0 0 . Married filing jointly standard deduction is $ 3 0 , 0 0 0 for 2 0...

1. Capital Gains Tax . David is in the 35% tax bracket making $360,000 per year as an account executive. Recently, he sold stock that he had held longer than a year for a gain of $20,000. How much...

30 2. Deductions. Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is $24,400 for 2019. They own...

A. Capital Gains Tax. David is in the 25% tax bracket. Recently, he sold stock that he had held longer than a year for a gain of $4,000. How much tax will David pay on this gain? B. Donna and Brian...

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or...

Part 1 - Scenario 2 Review the following scenario. Use the information provided to answer questions about the taxpayers 2020 rotum Chris (45) and Alcon (46) Castioare maried, and they will joint...

Use a computer software package such as Intuit ProConnect to complete Form 1040 for Albert and Allison Gaytor for 2019. Be sure to save your data input files since this case will be expanded with...

Use the following information to complete Armando and Lourdes Gonzaless 2019 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. Armando Z. and...

FORM: 1040 PAGE 1 PAGE 1 PAGE 2 SCHEDULE 1 SCHEDULE 2 SCHEDULE A SCHEDULE C SCHEDULE D PAGE 1 PAGE 2 SCHEDULE SE FORM 4562 FORM 4797 PAGE 1 PAGE 2 FORM 8995 Chapter 7 TRP 7-3 Norman and Leslie Beber...

Use the following information to complete Armando and Lourdes Gonzaless 2019 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. Any required...

What is the company' s sustainable growth rate? Suppose the firm targets a 30% sales growth rate next year, and the firm doesn't want to issue new equity, what will be the the firm's new D/A ratio?...

(12) 2. The list of 5 vectors B = (1, U2, U3, U4, Us) with ---0--0-0-H 2 3 = 1 1 = 2 spans R. Find a subset of B that is a basis of R. = 5 =

Which of the following reports, which generally are shared only between the organizations that are doing business with one another, are used by auditors to assess the ICFR at one entity that does...

Beach Foods (Beach) is a family-owned business which has grown strongly over its 100-year history. The objective of the business is to maximize the family?s wealth through their shareholdings. Beach...

The small 2-kg block A slides down the curved path and passes the lowest point B with a speed of 4 m /s. If the radius of curvature of the path at B is 1.5 m, determine the normal force N exerted on...

At the bottom of a loop in the vertical (r-) plane at an altitude of 400 m, the airplane P has a horizontal velocity of 600 km / h and no horizontal acceleration. The radius of curvature of the loop...

Construct a simple Du Pont analysis for Ford and its peers. What are Fords strengths and weaknesses relative to its competitors? In Chapter 3, we took a look at Starbucks financial statements. Now we...

The principal plus interest at 6% compounded quarterly on a $15,000 loan made 2 1/2 years ago is due in two years. The debtor is proposing to settle the debt by a payment of $5000 today and a second...

Jason, a senior employee at an oil refinery firm, is paid by his company to participate in local service projects that will help him hone his community interaction skills. This is an example of a ( n...

Understand the importance of recruitment and selection in the formation of the employment relationship

Can negative outcomes associated with redundancy be avoided?

Understand the key features of recruitment and selection policies