Use Tax Rate Schedule Jared Goff, of Los Angeles, determined the following tax information: gross salary, $125,000; interest earned, $2,500; IRA contribution, $3,000; personal exemption, $4,050; and itemized deductions, $8,000. Calculate Jared's taxable income and tax liability filing single. (Hint: Use Table 4-2.) Round your answer for taxable income to the nearest dollar and answer for tax liability to the nearest cent. Taxable income 107450 Tax Liability 38,000