Assuming Jay and JoAnn have this same business that they run as a regular corporation, prepare their joint Federal income tax return for $2016.$ They each received a W$-2$ from the business which is attached. Assume that they have no dependents and do not have any other income or itemized deductions. Don't forget to include a standard deduction and personal exemptions. You should complete a Form $1040.$ Note: In this situation, the corporation would pay tax on the $$100,000$ of income after reducing it for the salaries to ofcers of $$70,000(35,000$ each and medical insurance or $$2\mathrm{.}000$ each$).$ The corporate tax would be $(15\%)$