George, age 67, and Linda, age 60, are married taxpayers with three dependent children. Their adjusted gross income for the 2014 tax year is $142,000. They have itemized deductions of $24,000. Determine the following for their joint tax return for 2014:
a.The number of exemptions
b.Exemption deduction amount
c.The greater of the amount of their standard deduction or their itemized deductions
d.Taxable income

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The Answer of George, age 67, and Linda, age 60, are married taxpayers with three dependent children. Their adjusted gross income for the 2014 tax year is $142,000. They have itemized deductions of $24,000. Determine the following for their joint tax return for 2014:
a.The number of exemptions
b.Exemption deduction amount
c.The greater of the amount of their standard deduction or their itemized deductions
d.Taxable income

George, Age 67, and Linda, Age 60, Are Married Taxpayers