Question: 1 bob and ella are a married couple with no...
1. Bob and Ella are a married couple with no children and file
jointly. they had a gross income of $67,400 and $1,800 in
adjustments and $8,950 in itemized deductions. Calculate their tax
liability, marginal tax rate, and average tax rate. I filled in as
much as i could.
for standard deductions, i have choices of
|single||married||head of household|
but I do not know which standard deduction to choose? any help is very appreciated please! also, how do you know when to use itemized deductions vs standard deduction?
|adjusted gross income
||(65,600- standard deduction)|
|Average/Marginal tax rates:||taxable income+ long term capital gains and dividend taxes-tax credits they qualify for|