Problem 1-6 The Tax Formula for Individuals, Filing Status and Tax Computation (LO 1.3, 1.5, 1.6, 1.7) Diego, age 28, married Dolores, age 27, in 2016. Their salaries for the year amounted to $47,230 and they had interest income of $3,500 Diego and Dolores' deductions for adjusted gross income amounted to $2,000; their itemized deductions were $11,800; they claimed two exemptions on their return; and, they filed a joint return. Table for the standard deduction 2016 Standard Deduction $6,300 12,600 6,300 9,300 12,600 Filing Status Single Married, filing jointly arried, filing separately Head of household Qualifying widow(er) Click here to access the tax tables a. What is the amount of their adjusted gross income? 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, Diego and Dolores will take the standard deductionin the amount of Feedback Check My Work Partially correct C. What is the amount of their taxable income