Josh and Allison submit a married-filing-jointly return. During the year, their two jobs provided them with a combined income of $82,000. They had their second child during the year, and they plan to use the standard deduction of $9500 applicable for the year. Dividends, interest, and capital gains amounted to $6050. Personal exemptions are $3100 currently. (a) Compute their exact federal tax liability. (b) What percent of their gross income is consumed by federal taxes? TABLE 13.2 2007 U.S. Federal Income Tax Rates for Individuals who File "Single" or "Married and Jointly" Tax Rate, T 0.10 0.15 0.25 Amount of Taxable income, TI Filing Married Filling Single and Jointly $07,825 $015,650 $7,826-31,850 $15,651-63,700 $31,851-77,100 $63,701-128,500 $77,101-160,850 $128,501195,850 $160,851-349,700 $195,851-349,700 Over $349,700 Over $349,700 0.28 0.33 0.35