Please calculate taxable income and show how to do so.

Problem 1-2 (Algorithmic) The Tax Formula for Individuals (LO 1.3) Jason and Mary are married taxpayers in 2016. They are both under age 65 and in good health. For this tax year, they have a total of $115,400 in wages and $330 in interest income. Jason and Mary's deductions for adjusted gross income amount to $4,495 and their itemized deductions equal $3,210. They claim two exemptions for the year on their joint tax return Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Qualifying widow(er) a. What is the amount of Jason and Mary's adjusted gross income? 2016 Standard Deduction $6,300 12,600 6,300 9,300 12,600 111,235 Feedback Check My Work Individual taxpayers calculate their tax in accordance with a tax formula. Understanding the formula is important, since all tax determinations are based on the result. b. In order to minimize taxable income, Jason and Mary will take the standard deductionin the amount of $ 12,600 v Feedback Check My Work Correct C. What is their 2016 taxable income? 98,635X