Problem 1-9 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2020. Their income from salaries totals $50,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,500, and they have itemized deductions totaling $19,250. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately. 12,400 Head of household 18,650 Qualifying widow(er) 24,800 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. Taxable income e. Income tax liability (before any credits) 66,000 63,500 24,800 38,700 4,446 X