July and John are a married couple with two dependent children, aged 11 and 3. July earns a salary of $75,000, and John earns a salary of $95,000. In the tax year 2022, they have the following financial details:

• Home Mortgage Interest: $8,500
• Property Tax Payments: $2,800
• Alimony Payments to Julys ex-wife: $8,000
• Child Support Payments for Julys children: $7,200
• Charitable Contributions: $2,700
• IRA contributions ($2,500 each): $5,000
• State Income Tax Paid: $6,500
• Loan Received from Julys parents: $10,000
• Medical Expenses: $4,000
• Loss from the sale of stock held for 5 years: $5,000
• Federal Withholding: $8,500

Both July and John are not covered by an employer-sponsored retirement plan (e.g., a 401k), and they have chosen to file their taxes as "married filing jointly."

Now, let's address the following questions:

a. Determine their Adjusted Gross Income (AGI). b. Calculate their tentative tax liability (before any credits). c. Calculate their total tax liability (after any credits). d. Find their marginal tax rate. e. Calculate their effective tax rate Use the following tax schedule:

Schedule Y-1-Use if your filing status is Married filing jointly or Qualifying surviving spouse