The Tax Formula for Individuals, Filing Status and Tax Computation, Qualifying Dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.8) Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2020. Their salaries for the year total $85,000 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $24,900. Jackson and Peggy do not have any dependents. Table for the standard deduction Filing Status Single Standard Deduction $12,400 24,800 Married, filing jointly Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 If an amount is zero, enter "0". a. What is the amount of their adjusted gross income? b. What is their deduction for personal exemptions? S C. What is the amount of their taxable income