Question: Problem 1-2 (Algorithmic) The Tax Formula for Individuals (LO 1.3) Jason and Mary are married taxpayers in 2017. They are both under age 65 and

Problem 1-2 (Algorithmic) The Tax Formula for Individuals (LO 1.3)

Jason and Mary are married taxpayers in 2017. They are both under age 65 and in good health. For 2017 they have a total of $104,400 in wages and $505 in interest income. Jason and Mary's deductions for adjusted gross income amount to $4,835 and their itemized deductions equal $11,000. They claim two exemptions for the year on their joint tax return.

Table for the standard deduction

Filing Status	2017 Standard Deduction
Single	$ 6,350
Married, filing jointly	12,700
Married, filing separately	6,350
Head of household	9,350
Qualifying widow(er)	12,700

a. What is the amount of Jason and Mary's adjusted gross income? $

b. In order to minimize taxable income, Jason and Mary will in the amount of $.

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