Problem 1-10 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency Exemptions, The Standard Deduction (LO 1.3, Jim (age 50) and Martha (age 49) are married with three dependent children. They file a joint return for 2016. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $13,200 Table for the standard deduction Filing Status Single Married, filing jointly 2016 Standard Deduction arried, filing separately Head of household Qualifying widow(er) $6,300 12,600 6,300 9,300 12,600 Click here to access the tax tables Calculate the following amounts: a. Gross income b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Number of exemptions e. Taxable income f. Income tax liability