(Answered) Jim age 50 and martha age 49 are married with three

Accounting

Jim (age 50) and Martha (age 49) are married with three dependent children. They file a joint return for 2016. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $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.

Table for the standard deduction

Filing Status 2016 Standard Deduction
Single $ 6,300
Married, filing jointly 12,600
Married, filing separately 6,300
Head of household 9,300
Qualifying widow(er) 12,600
Click here to access the tax tables.

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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