Lauren, a single taxpayer, had the following income and deductions for the tax year 2020: (Click the icon to view the income and deductions.) Click the icon to view the standard deduction amounts.) Click the icon to view the 2020 tax rate schedule for the Single ling status.) Requirement a. Compute Lauren's taxable income and federal tax liability for 2020 (round to dollars and ignore the qualified business income deduction and self-employment taxes for this problem) First calculate the gross income, then calculate taxable income and the federal tax liability. (Calculate the tax using the tax rate schedule. Do not round interim tax calculations, Round the amount entered into the cell to the nearest whole dollar. If an input field is not used in the table, leave the input field empty: do not select a label or enter a zero. Total income from whatever source derived Minus: Exclusions, as provided in the tax law Gross income INCOME: Salary $ 65,000 30,000 Business Income Interest income from taxable bonds 7,000 4,000 Tax-exempt bond interest TOTAL INCOME $ 106,000 DEDUCTIONS: Business expenses $ 9,000 19,000 Itemized deductions $ TOTAL DEDUCTIONS 28,000 STANDARD DEDUCTION Print Done Married individuals filing joint returns and surviving spouses $ 24,800 Print Done Heads of households 18,650 Print Done Unmarried individuals (other than surviving spouses and heads of households) $ 12,400 Print Done Married individuals filing separate returns $ 12,400 Print Done Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,300 Print Done Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650 Print Done Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1.100. Print Done These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. Print Done Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the lax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the Print Done and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years. Print Done If taxable income is: Not over $9,875 Over $9,875 but not over $40,125 Over $40,125 but not over $85,525 Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Single The tax is: . 10% of taxable income. $987.50 + 12% of the excess over $9,875. . $4,617.50 + 22% of the excess over $40,125. $14,605.50 + 24% of the excess over $85,525. ... $33,271.50 + 32% of the excess over $163,300. ... $47,367.50 + 35% of the excess over $207,350, $156,235.00 + 37% of the excess over $518,400. Print Done