Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint
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Question:
Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2019. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $18,200. Calculate the following amounts:
c. Itemized deduction or standard deduction amount ________
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