Using the married filing jointly status and their income and expense statement, calculate the 2014 tax liability for Shameka and Curtis Williams. First use the standard deduction, and then use the following itemized deductions: Income Earned income Interest income $53,000.00 1,900.00 Expenses Home mortgage interest Real estate and state income taxes Miscellaneous deductions $7,500.00 3,650.00 700.00 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2014 tax year is $ 54900. (Round to the nearest cent.) Assuming Shameka and Curtis are filing jointly, their exemption amount for the 2014 tax year is $ 7900. (Round to the nearest cent.) If Shameka and Curtis use the standard deduction, their standard deduction amount for the 2014 tax year is $ 12400. (Round to the nearest dollar.) Note: Miscellaneous deductions, unlike charitable contributions are subject to a deduction threshold.) Click the following link for a standard deduction table. E Their taxable income for the 2014 tax year is $ (Round to the nearest cent.) Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or Surviving Spouse 2014 $6,200 $12,400 $9,100 $6,200 Head of Household Married Filing Separately Personal Exemptions in 2014: $3,950 Child Tax Credit in 2014: $1,000 per child Print Done