Chapter 4 - Taxes (12 points) 1. Calculate the AGI, Taxable income, Income Taxes, Marginal Tax Rate and Average Tax Rate for the following married couple filing jointly for 2020. You can look everything up on the web or use the slides from chapter 4 to help you with the answers. (6 points) The data for this question is: Gross Income before any 401(k) contribution $250,000 401(k) contributions 25,000 Student loan interest 3,500 House interest expense 10,000 Charitable Gifts 3,000 Real Estate Taxes 3,000 State Income Taxes 7,000 Two children ages 4 and 6 2. Recalculate all of the numbers assuming that there is only one parent and the tax return is filed as a head of household status. (6 points)