Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts. Table for the standard deduction Filing Status Standard Deduction Single $ 12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 1. Gross income $fill in the blank 1 2. Adjusted gross income $fill in the blank 2 3. Standard deduction or itemized deduction amount $fill in the blank 3 4. Taxable income $fill in the blank 4

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts.

Table for the standard deduction

Filing Status Standard Deduction
Single $ 12,400  
Married, filing jointly 24,800  
Married, filing separately 12,400  
Head of household 18,650  
Qualifying widow(er) 24,800  

 

1.   Gross income $fill in the blank 1
2.   Adjusted gross income $fill in the blank 2
3.   Standard deduction or itemized deduction amount $fill in the blank 3
4.   Taxable income $fill in the blank 4
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