Using the married filing jointly​ status, LOADING...​, and their income and expense​ statement, LOADING...​, 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.
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Part 1
Shameka and​ Curtis' total gross income for the 2020 tax year is ​$

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To calculate Shameka and Curtis Williams' 2020 tax liability, I'll need the following information:

1. **Total Gross Income**: This is a crucial starting point. You mentioned that it is currently unavailable ("LOADING..."), but it will be the basis for calculating their tax.
   
2. **Standard Deduction** for Married Filing Jointly in 2020: 
   - The **standard deduction** for 2020 for married couples filing jointly is **$24,800**.

3. **Itemized Deductions**: 
   - These typically include things like mortgage interest, property taxes, medical expenses, and charitable contributions. The amount of these itemized deductions will affect which deduction method should be used.

### Process for Calculating Tax Liability:

#### 1. **Standard Deduction Method**:
   - **Adjusted Gross Income (AGI)** = Gross Income
   - **Taxable Income** = Gross Income - Standard Deduction
   - **Tax** = Calculated based on the IRS 2020 tax brackets.

#### 2. **Itemized Deduction Method**:
   - **Adjusted Gross Income (AGI)** = Gross Income
   - **Itemized Deductions** = Total of deductible expenses like mortgage interest, medical expenses, etc.
   - **Taxable Income** = Gross Income - Itemized Deductions
   - **Tax** = Calculated based on the IRS 2020 tax brackets.

#### Comparison:
- If the **itemized deductions** exceed the **standard deduction** of $24,800, then they should use the itemized deductions.
- Otherwise, they should use the standard deduction.

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Please provide the following:
1. The **total gross income**.
2. A list or the amount of **itemized deductions**.

Then I can give a more accurate comparison and conclusion about which deduction method is more advantageous.

Do you have any questions or need further details?  
Here are 5 related questions:
1. What are Shameka and Curtis's total itemized deductions for 2020?
2. Do they have any dependents that might affect their tax credits?
3. How much did they pay in mortgage interest or property taxes?
4. Were there any large medical expenses that exceed 7.5% of their AGI?
5. Did they make any large charitable donations in 2020?

**Tip**: Always compare the standard deduction to your itemized deductions to see which method gives the largest deduction.

Using the married filing jointly status, LOADING..., and their income and expense statement, LOADING..., 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.

Calculate the 2020 tax liability for Shameka and Curtis Williams using both the standard deduction and itemized deductions. This detailed guide helps understand key financial concepts like Adjusted Gross Income, tax brackets, and which deduction method is more beneficial.

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