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Question : Jim (age 50) and Martha (age 49) married with three

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  

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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