The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2021. Their income from salaries totals $50,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,500, and they have itemized deductions totaling $19,250. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 Click here to access the tax tables. Calculate the following amounts: a. Gross income b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Taxable income: e. Income tax liability (before any credits)