Tax Year 2020 $118,000 Total income 2,000 Excludable income Deductions for adjusted gross income 2,500 Deductions from adjusted gross income 8,000 (Hint: The standard deduction for married filing jointly is $24,800.) Do not round intermediate computations. Round the final tax liability to the nearest cent. Refer to the tax rate schedule to calculate the following. Based on the above information, for a couple filing jointly, their adjusted gross income (AGI) is $ ; taxable income is $ ; and, their tax liability is