Taxable Income and Tax Liability Calculations (LO. 6)

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 $24,400.)

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 $.