11. Change in Taxable Income. Using the information in problem 10, if Nick and Nora's itemized deduc- tions increase by $2,000, how will their taxable income be affected? 10. Taxable income. Nick and Nora are married and have three children in college. They have an adjusted gross income of $47,400. If their standard deduction is $12,600, itemized deductions are $14,200, and they get an exemption of $4,000 for each adult and each dependent, what is their taxable income