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Calculate the gross income and adjusted gross income

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Problem - Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2019. 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 $18,200. Calculate the following amounts:

a. Gross income

b. Adjusted gross income

c. Itemized deduction or standard deduction amount

d. Taxable income

e. Income tax liability (Do not consider the alternative minimum tax covered in Chapter 6 or any credits.)

Reference no: EM132632846

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