Peter and Denise are married and have two dependent children (ages 12 and 13). In 2020, they had the following income and losses: losses: Total salaries $150,000 25,000 Bank account interest Dividend income 5,000 Short-term capital gains 4,000 Short-term capital losses (1,500) They also incurred the following expenses: $ 8,000 12,000 2,300 Qualified medical expenses State income taxes paid Property taxes on home Qualified residence interest Investment interest expense Cash charitable contributions 9,000 7,500 15,000 Compute Peter and Denise's taxable income and federal tax liability for 2020.