Final answer:
Marie's taxable income for 2020, assuming she's single with two dependent children, itemized deductions of $19,650, and an adjusted gross income of $70,000, would be $50,350.
Step-by-step explanation:
To compute Marie's taxable income for 2020, we need to consider her adjusted gross income, itemized deductions, and the tax deductions for dependents. Since Marie is single and has two dependent children, the IRS allows for tax benefits like the Child Tax Credit.
As of the 2020 tax year, Marie can claim the standard deduction or itemized deductions, whichever is higher. If Marie's adjusted gross income is $70,000, and she has itemized deductions of $19,650, we need to subtract her itemized deductions from her adjusted gross income to find her taxable income.
Taxable Income = Adjusted Gross Income - Itemized Deductions
Taxable Income = $70,000 - $19,650
Taxable Income = $50,350
Therefore, Marie's taxable income for 2020 would be $50,350, assuming the itemized deductions are more beneficial than the standard deduction for her filing status and dependent situation.