Jack and Jill Wells had the following items of income in 2021. Jack is 63 and Jill is 65. Interest on savings account Interest on municipal bonds $850 $625 Jill: Social Security payments $6,000 Wages from ABC Corp. $12,000 Life-time, purchased for $25,000. In January, Jill will receive $200 per month for the length of her life. (Determine how much must be included in her income.) Jack: Wages from ABC Corp. $30,000 Compensatory damages as a result of inadvertent poisoning at a local restaurant. $10,000 Cash allowance to pay for meals during work hours $500 Payments by ABC to his qualified pension plan $1,000 ABC Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of Jack Wells, vice-president. Jack has paid $50 toward the cost of the insurance. Compute their taxable income. (30 points) Compute their tax liability. (10 point) Jack and Jill Wells calculations