Elaine and Paul are married. Elaine works as an engineer

and earns a salary of $116,000. Paul works at a beauty

salon and reported wages of $45,000. Elaine received $500

of interest from corporate bonds and $250 of interest from

a municipal bond. Elaine acquired these bonds prior to her

marriage to Paul. Paul's father passed away on April 14. He

inherited cash of $50,000 and his baseball card collection,

valued at $2,000. As beneficiary of his father's life

insurance policy, Paul also received $150,000. The couple

spent a weekend in Atlantic City in November and came

home with gambling winnings of $1,200. Paul was injured

in an accident at the salon. He was unable to work for a

month, but during this time he received $5,000 from

disability insurance he purchased several years ago. Paul

also received $2,000 in workers' compensation, and

$1,500 from the salon for the emotional trauma he

suffered from the accident. Calculate Elaine and Paul's

gross income for this year assuming they will file married

filing jointly.