CP 17-01 (Static) [LO 17-1 through LO 17-6] Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. Valerie's salary from GuiTech, an S corporation, was $29,400. Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $7,000 cash distribution from GuiTech. The ordinary income from GuiTech is qualified business income. Blake received a $15,000 cash gift from his grandmother. Valerie won $6,400 in the Maryland state lottery. The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain. . Blake paid $12,000 alimony to a former spouse under a divorce agreement executed in 2011. The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence. The Meyers paid $7,000 state income tax and $4,200 state and local sales tax. Valerie contributed $1,945 to the First Baptist Church. Required: On the basis of the above information, compute the Meyers' 2021 federal income tax (including any AMT) on their joint return. Assume the taxable year is 2021. Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be sure to enter "0" wherever required.) Adjusted gross income (AGI) Taxable income Mr. and Mrs. Meyer's regular income tax liability (after applicable credits) AMT Mr. and Mrs. Meyer's total tax liability (including AMT) Amount $ 96,922 68,239