Tax Planning - Income Shifting (Taxable Income/Tax Liability) (LO. 7) Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries $120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 (Hint: The standard deduction for married filing jointly is $ 24,400.) General instructions: (1) Do not round intermediate computations. Round your answers to the nearest dollar. (2) Ignore tax credits when calculating tax liability. (3) Refer to the tax rate schedule to calculate the following. , taxable income is $ and their a. Leroy and Amanda's 2019 adjusted gross income (AGI) is $ 2019 tax liability is $ b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer $5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a $1,050 standard deduction. Leroy and Amanda will save $ if they legally transfer $5,000 of interest income to each child