Taxable Income and Tax Liability Calculations (LO. 6)

Total income	$133,700
Excludable income	1,700
Deductions for adjusted gross income	2,800
Deductions from adjusted gross income	10,700

(Hint: The personal exemption is $4,050, and the standard deduction for married filing jointly is $12,700.)

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 married couple, adjusted gross income (AGI) is $ , taxable income is $ and the tax liability is $ .