Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions. In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $300,500. Assume the following tax table is applicable:

Married Couples Filing Joint Returns

If Your Taxable

Income Is

You Pay This

Amount on the

Base of the Bracket

Plus This Percentage

on the Excess over the

Base

Average Tax

Rate at

Top of Bracket

Up to $18,450 $ 0 10.0% 10.0% $18,450-$74,900 1,845.00 15.0 13.8 $74,900-$151,200 10,312.50 25.0 19.4 $151,200-$230,450 29,387.50 28.0 22.4 $230,450-$411,500 51,577.50 33.0 27.1 $411,500-$464,850 111,324.00 35.0 28.0 Over $464,850 129,996.50 39.6 39.6

What is their federal tax liability?