Question

In 2020, Rachelle & Robert , married filing joint taxpayers, have adjusted gross income of $85,000....

In 2020, Rachelle & Robert , married filing joint taxpayers, have adjusted gross income of $85,000. Their AGI includes $5,000 of interest income. They have no dependents and do not itemize deductions. What is their 2020 federal income tax?

A) $3,404

B) $6,829

C) $7,211.50

D) $8,404

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Answer #1

Solution

Compution of Federal Income Tax
Adjusted Gross income $85,000
Less - Standard Deduction $24,800
Less - Exemption $0
Taxable Income $60,200
Tax
Tax on $0 to $19750 @ 10 % $1,975
Tax on ($60200 - $19750)*12% $4,854
Total Federal income tax payable $6,829
Option B right answer
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