Rod,age 50,and Ann,age 49,are married taxpayers who file a joint return for 2013.They have gross income of $150,000.Their deductions for adjusted gross income are $5,000 and they have itemized deductions of $12,000,consisting of $7,000 in state income taxes and $5,000 in mortgage interest expense.If they claim two personal exemptions and no dependency exemptions for 2013,calculate the following amounts:
a.Their adjusted gross income
b.The greater of the amount of their standard deduction or their itemized deductions
c.Their taxable income

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The Answer of Rod,age 50,and Ann,age 49,are married taxpayers who file a joint return for 2013.They have gross income of $150,000.Their deductions for adjusted gross income are $5,000 and they have itemized deductions of $12,000,consisting of $7,000 in state income taxes and $5,000 in mortgage interest expense.If they claim two personal exemptions and no dependency exemptions for 2013,calculate the following amounts:
a.Their adjusted gross income
b.The greater of the amount of their standard deduction or their itemized deductions
c.Their taxable income

Rod,age 50,and Ann,age 49,are Married Taxpayers Who File a Joint