Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $19,900 Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 Married Filing Separately If taxable income is Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $314,150 Over $314,150 Head of Household If taxable income is Not over $14,200 Over $14,200 but not over $54,200 Over $54,200 but not over $86,350 Over $86,350 but not over $164,900 Over $164,900 but not over $209,400 Over $209,400 but not over $523,600 Over $523,600 Single If taxable income is Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,450 Over $209,450 but not over $523,600 Over $523,600 The tax is 10% of taxable income $1,990.00 + 12% of excess over $19,900 $9,328.00 +22% of excess over $81,050 $29,502.00 +24% of excess over $172,750 $67,206.00 + 32% of excess over $329,850 $95,686.00 + 35% of excess over $418,850 $168,993.50+37% of excess over $628,300 The tax is 10% of taxable income $995.00+12% of excess over $9,950 $4,664.00 + 22% of excess over $40,525 $14,751.00 +24% of excess over $86,375 $33,603.00 + 32% of excess over $164,925 $47,843.00 + 35% of excess over $209,425 $84,496.75 + 37% of excess over $314,150 The tax is 10% of taxable income $1,420.00+12% of excess over $14,200 $6,220.00 + 22% of excess over $54,200 $13,293.00 + 24% of excess over $86,350 $32,145.00 + 32% of excess over $164,900 $46,385.00 + 35% of excess over $209,400 $156,355.00 + 37% of excess over $523,600 The tax is 10% of taxable income $995.00+12% of excess over $9,950 $4,664.00 + 22% of excess over $40,525 $14,751.00 +24% of excess over $86,375 $33,603.00 +32% of excess over $164,925 $47,843.00 +35% of excess over $209,425 $157,804.25 +37% of excess over $523,600 CP 17-01 (Static) [LO 17-1 through LO 17-6] Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). ⚫ Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. • Valerie's salary from GuiTech, an S corporation, was $29,400. • Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $7,000 cash distribution from GuiTech. The ordinary income from GuiTech is qualified business income. • Blake received a $15,000 cash gift from his grandmother. • Valerie won $6,400 in the Maryland state lottery. • The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain. ⚫ Blake paid $12,000 alimony to a former spouse under a divorce agreement executed in 2011. • The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence. ■The Meyers paid $7,000 state income tax and $4,200 state and local sales tax. • Valerie contributed $1,945 to the First Baptist Church. Required: On the basis of the above information, compute the Meyers' 2021 federal income tax (including any AMT) on their joint return. Assume the taxable year is 2021. Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be sure to enter "O" wherever required.) Adjusted gross income (AGI) Taxable income Mr. and Mrs. Meyer's regular income tax liability (after applicable credits) AMT Mr. and Mrs. Meyer's total tax liability (including AMT) Amount