[For questions 31 - 33) Mr. Pagano has gathered his personal finance data below for federal income tax return. Meanwhile, we know that the personal exemption of that year is $3,700, and the standard deduction for a single filer is $5,800. Total income = $120,000 Municipal Bond income - $5,000 (excluded from total income) Adjustments = $10,000 Itemized deductions = $11,000 3 Personal exemptions @ $2,000 - $6,000 Figure 9-2. 2015 Taxable income Brat-kets and Rates If Taxable income Is Between: The Tax Due is: 0 - $9,225 10% of taxable income $9,226 - $37,450 $922.50 + 15% of the amount over $9,225 $37,451 - $90,750 $5,156.25 + 25% of the amount over $37,450 $90,751 - $189,300 $18,481.25 +28% of the amount over $90.750 $189,301 - 5411,500 $46,075.25 + 33% of the amount over $189,300 $411,501 - $413,200 $119.401.25 + 35% of the amount over $411,500 $413,201 + $119.996.25 +39.6% of the amount over $413,200 [For questions 31 - 33) Mr. Pagano has gathered his personal finance data below for federal income tax return. Meanwhile, we know that the personal exemption of that year is $3,700, and the standard deduction for a single filer is $5,800. Total income = $120,000 Municipal Bond income - $5,000 (excluded from total income) Adjustments = $10,000 Itemized deductions = $11,000 3 Personal exemptions @ $2,000 = $6,000 Figure 9-2. 2015 Taxable income Brackets and Rates If Taxable income Is Between: The Tax Due is: 0 - $9,225 10% of taxable income $9,226 - $37,450 $922.50 +15% of the amount over $9,225 $37,451 - $90.750 $5,156.25 + 25% of the amount over $37,450 $90,751 - $189,300 $18,481.25 + 28% of the amount over $90,750 $189,301 - $411,500 $46,075.25 + 33% of the amount over $189,300 $411,501 - $413,200 $119.401.25 + 35% of the amount over $411,500 $413,201 + $119.996.25 +39.6% of the amount over $413,200 31. What is Mr. Pagano's AGI (Adjusted Gross Income)? What is his taxable income? Please present the steps of calculation. (1 point)