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IlI. PROBLEM (10 POINTS) Vilma (age 39) and Pedro (age 45) are married with two dependent children. They file a joint return for 2018. Their

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IlI. PROBLEM (10 POINTS) Vilma (age 39) and Pedro (age 45) are married with two dependent children. They file a joint return for 2018. Their income from salaries totals $72,000; they receive $5,500 in taxable interest and $3,000 in dividends. Their deductions for adjusted gross income amount to $10,000; they have itemized deductions totaling $8,600. Calculate the following amounts: a. gross income b. adjusted gross income $ c. Higher of itemized or standard deduction amount $ d. deduction for personal exemptions e. taxable income f.Gross tax liability

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