Jim Age 50 Martha Age 49 Married Three Dependent Children File Joint Return 2016 Income Sa Q17778438

Jim (age 50) and Martha (age 49) are married with threedependent children. They file a joint return for 2016. Their incomefrom salaries totals $49,500, and they received $10,125 in taxableinterest, $5,000 in royalties, and $3,000 in other ordinary income.Jim and Martha’s deductions for adjusted gross income amount to$3,200, and they have itemized deductions totaling $13,200. Tablefor the standard deduction Filing Status 2016 Standard DeductionSingle $ 6,300 Married, filing jointly 12,600 Married, filingseparately 6,300 Head of household 9,300 Qualifying widow(er)12,600   
Calculate the following amounts:
a. Gross income $
b. Adjusted gross income $
c. Itemized deduction or standard deduction amount $
d. Number of exemptions
e. Taxable income $
f. Income tax liability $
 
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