Using the married filing jointly status, and their income and expense statement, calculate the 2020 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the itemized deductions. Explain to the Williamses which method they should use and why. KUsing the married filing jointly status, and their income and expense statement,, calculate the 2020 tax liability for Shameka and Curtis Williams. First, use the standard deduction, andthen use the itemized deductions. Explain to the Williamses which method they should use and why.Shameka and Curtis' total gross income for the 2020 tax year is $Data table(Click on the following icon in order to copy its contents into a spreadsheet.)Standard Deduction AmountsFiling StatusSingleMarried Filing Jointly or Surviving SpouseHead of HouseholdMarried Filing SeparatelyChild Tax Credit in 2020: $2,000 per childPrintDone(Round to the nearest cent.)2020$12,400$24,800$18,650$12,400XData table(Click on the following icon in order to copy its contents into a spreadsheet.)IncomeSalary incomeInterest incomeExpensesHome mortgage interestReal estate and state income taxesOtherIRA contribution-ShamekaIRA contribution-CurtisPrintDone$60,000.00$2,400.00$17,400.00$9,550.00$2,600.00$2,800.00X

As per IRS rules we can claim either standard deduction or itemised…

Answered: Using the married filing jointly…

Business

Accounting

Using the married filing jointly status,

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 13P

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Question

Using the married filing jointly status, and their income and expense statement, calculate the 2020 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the itemized deductions. Explain to the Williamses which method they should use and why.

K
Using the married filing jointly status, and their income and expense statement,, calculate the 2020 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and
then use the itemized deductions. Explain to the Williamses which method they should use and why.
Shameka and Curtis' total gross income for the 2020 tax year is $
Data table
(Click on the following icon in order to copy its contents into a spreadsheet.)
Standard Deduction Amounts
Filing Status
Single
Married Filing Jointly or Surviving Spouse
Head of Household
Married Filing Separately
Child Tax Credit in 2020: $2,000 per child
Print
Done
(Round to the nearest cent.)
2020
$12,400
$24,800
$18,650
$12,400
X
Data table
(Click on the following icon in order to copy its contents into a spreadsheet.)
Income
Salary income
Interest income
Expenses
Home mortgage interest
Real estate and state income taxes
Other
IRA contribution-Shameka
IRA contribution-Curtis
Print
Done
$60,000.00
$2,400.00
$17,400.00
$9,550.00
$2,600.00
$2,800.00
X

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