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3. Amy (age 40) and Tom (age 55) are married with two dependent children. They file a joint return for 2020. Their income from salaries
3. Amy (age 40) and Tom (age 55) are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $106,600: they receive $2,000 in taxable interest and $1,000 in dividends. Their deductions for adjusted gross income amount to $3,200; they have itemized deductions totaling $40,000. Calculate the following amounts: a. Gross income $ b. Adjusted gross income $ c. Itemized deduction or Standard deduction $ d. Deduction for Exemptions $ e. Taxable Income $ $ f. Income tax liability (you must figure out tax) (Use tax table provided)
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