Determine the amount of taxes owed or the refund that would result in this situation: Filing Status: Married filing jointly Gross Income: $125,000 Pre-tax Adjustments: $5,600 Itemized Deductions: $11,400 Withholdings: $15,000 a. What is their adjusted gross income (AGI)? 119,400 b. Should they itemize or take the standard deduction? Use the simplified 2018 tax tables to determine the standard deduction. o take the standard deduction itemize c. Calculate their taxable income *Remember to subtract the deduction to determine the taxable income. d. Use their taxable income and the simplified 2018 tax tables to determine their taxes. e. What is their final tax refund or amount still owed (if they owe enter the number as a negative)? Determine the amount of taxes owed or the refund that would result in this situation: Filing Status: Married filing jointly Gross Income: $125,000 Pre-tax Adjustments: $5,600 Itemized Deductions: $11,400 Withholdings: $15,000 a. What is their adjusted gross income (AGI)? 119,400 b. Should they itemize or take the standard deduction? Use the simplified 2018 tax tables to determine the standard deduction. o take the standard deduction itemize c. Calculate their taxable income *Remember to subtract the deduction to determine the taxable income. d. Use their taxable income and the simplified 2018 tax tables to determine their taxes. e. What is their final tax refund or amount still owed (if they owe enter the number as a negative)