FIRE Problem 1-9 The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard Deduction (LO 1.3, 1.5, 1.7) Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2019. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross Income amount to $3,200, and they have itemized deductions totaling $18,200. Table for the standard deduction Standard Deduction Filling Status Single Married, filing jointly Married, hiling separately Head of household Qualifying widow(er) $ 12,200 24,400 12,200 18,350 24,400 Click here to access the tax tables. Calculate the following amounts: a. Gross income b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Taxable income e. Income tax liability (before any credits) Check My Work 2 more Check My Work uses remaining Previous Next