Jack and Peggy are married, file jointly, and have one dependent (12-year old qualifying child). Jack receives a $93,000 salary. Peggy is self-employed. Her sole proprietorship's revenues are $100,000, and its expenses are 543,000. Jack and Peggy each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $30,500. Federal income taxes of $6,500 are withheld from Jack's paychecks, and Peggy makes $2,900 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. First, compute their gross income. Gross income