Benjamin and Joanna are married and file a joint return. They both turned 67 years old in 2020. They have no dependents. Neither one is blind. Their cash inflows for 2020 consisted of the following: Fully taxable pension $ 26,000 Corporate bond interest 9,000 Municipal bond interest 6,000 Annuity 12,000 Social Security benefits 12,000 Total $ 65,000 Benjamin purchased the annuity contract two years ago when he turned 65. He paid $150,000 for the contract, which he took from his regular savings. The contract calls for him to receive $1,000 per month for the rest of his life. Payments began in the month he turned 65. a. Determine how much of Benjamin's annuity contract will be included in the couple's 2020 gross income. b. Determine how much of Benjamin's and Joanna's Social Security benefits will be included in the couple's 2020 gross income. C. Compute Benjamin's and Joanna's taxable income and income tax for 2020, assuming that they have no itemized deductions, and keeping in mind the effect of their ages on their standard deduction. Benjamin and Joanna are married and file a joint return. They both turned 67 years old in 2020. They have no dependents. Neither one is blind. Their cash inflows for 2020 consisted of the following: Fully taxable pension $ 26,000 Corporate bond interest 9,000 Municipal bond interest 6,000 Annuity 12,000 Social Security benefits 12,000 Total $ 65,000 Benjamin purchased the annuity contract two years ago when he turned 65. He paid $150,000 for the contract, which he took from his regular savings. The contract calls for him to receive $1,000 per month for the rest of his life. Payments began in the month he turned 65. a. Determine how much of Benjamin's annuity contract will be included in the couple's 2020 gross income. b. Determine how much of Benjamin's and Joanna's Social Security benefits will be included in the couple's 2020 gross income. C. Compute Benjamin's and Joanna's taxable income and income tax for 2020, assuming that they have no itemized deductions, and keeping in mind the effect of their ages on their standard deduction