Meredith and Derek are married and file a joint tax return. Meredith and Derek earn salaries this the couple receive salary income of $88,749 and qualified business income of $28,856 from an investment in a partnership. In addition to their salaries they received interest of $600 from municipal bonds and $1206 from corporate bonds. Derek paid alimony to a prior spouse in the amount of $8080 (under a divorce decree effective June 1, 2020.) Meredith and Derek are allowed to claim a $2000 child tax credit for their son Bailey. Meredith and Derek pay $21,990 of expenditures that qualify as itemized deductions.

What is Meredith and Derek's taxable income?