Question: Problem #1 (15 points) Show and label your work clearly. No calculations = No credit. Lisa, a single taxpayer, had wages of $75,000 in 2020.

Problem #1 (15 points) Show and label your work clearly. No calculations = No credit. Lisa, a single taxpayer, had wages of $75,000 in 2020. In addition, she had interest income from municipal bonds of $10,000. She has no deductions for AGI and $5,000 in itemized deductions. What is Lisas tax liability for 2020?

standard deduction for single taxpayer is 12,400

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