Using the 2020 tax rates calculate the tax that a married couple filing jointly with a taxable income of $400,000 and a $4500 tax credit. On www. irs. gov obtain the Standard Deduction and the Exemption (per person) for the Married Filing Jointly filing status. 1. Compute the couple’s adjusted gross income.

2. Use the Standard Deductions and the Exemptions per person to determine the couple’s taxable income.

3. Use the Form 1040 tax schedule for 2020 to determine the couple’s tax obligation.