Taxable income and Tax Liability Calculations (LO. 6) Tax Year 2020 Total income $118,000 Excludable income 2,000 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. 113,500 ; taxable income is Based on the above information, for a couple filing jointly, their adjusted gross income (AGI) is $ 88,700 ; and, their tax liability is $ 33,250 x Feedback Check My Work Individual Income Tax Formula All sources of income (broadly defined) $ XXX Check My Work Previous Next