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1) The following information is available for Jim and Stacy Gorton, a married couple filing a joint return, for 2019. Both Jim and Stacy are

1) The following information is available for Jim and Stacy Gorton, a married couple filing a joint return, for 2019. Both Jim and Stacy are age 32 and have no dependents.

Salaries Interest income Deductible business expenses Itemized deductions

$200,000 12,000 11,000 25,600

  1. What is the amount of their gross income?

  2. What is the amount of their adjusted gross income?

  3. What is the amount of their taxable income?

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