Problem 1-5 (Algorithmic) The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27. in 2019. Their salaries for the year amounted to $99,900 and they had interest income of $3,545. Diego and Dolores deductions for adjusted gross income amounted to $6,710; their itemized deductions were $13,425, and they have no dependents. Table for the standard deduction Filing Status Standard Deduction Single $ 12,200 Married, filing jointly 24,400 Married, filing separately 12,200 Head of household 18,350 Qualifying widower) 24,400 Click here to access the tax tables, a. What is the amount of their adjusted gross income 96,735 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. An important step in calculating the amount of a taxpayer's tax is the determination of the taxpayer's correct filing status. The tax law has five different filing statusas: single married filino jointly married filino separately head of household and qualifying c. What is the amount of their taxable income? 72,335 Feedba ched y We Correct d. What is their tax liability for 20199 X Teos Incorrect To My Yo Partially correct