ake and Olivia are married taxpayers who file jointly. They earned $120,000 in salaries and $4,000 in interest during 2020. They also have two qualifying dependent children who live with them. Jake and Olivia have no deductions for AGI, but have $11,500 in itemized deductions for the year. Using the tax formula, what is their taxable income for 2020?

Group of answer choices

$112,500

$96,000

$99,200

$112,000

$124,000