Transcribed Image Text
Problem 1-11The Tax Formula for Individuals, Filing Status and Tax Computation,Personal and Dependency Exemptions, The Standard Deduction (LO 1.3,1.5, 1.6, 1.7)Frank, age 35, and Joyce, age 34, are married and file a jointincome tax return for 2017. Their salaries for the year total$84,600 and they have taxable interest income of $3,900. They haveno deductions for adjusted gross income. Their itemized deductionsare $12,800. Frank and Joyce do not have any dependents.Table for the standard deductionFiling Status2017 Standard DeductionSingle$ 6,350Married, filing jointly12,700Married, filing separately6,350Head of household9,350Qualifying widow(er)12,700a. What is the amount of their adjusted grossincome?$b. What is their deduction for personalexemptions?$c. What is the amount of their taxableincome?$