The Tax Formula for Individuals Jason and Mary are married taxpayers in 2015. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $500 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7, 950. They claim two exemptions for the year on their joint tax return. a. What is the amount of Jason and Mary's adjusted gross income? $ 36, 500 Individual taxpayers calculate their tax in accordance with a tax formula. Understanding the formula is important, since all tax determinations are based on the result. b. In order to minimize taxable income, Jason and Mary will take the standard deduction in the amount of $12, 600 V. c. What is their 2015 taxable income? $