John and Cindy are 70 and 56, respectively.They file a joint return. They have itemized deductions totaling $32,000.00.

Their sources of income and deductions are:

Wages-----------------------------------------------------$175,000.00

Interest from savings accounts------------------------10,000.00

Interest from NY qualified bonds---------------------6,000.00

Gift from John's unlce----------------------------------20,000.00

Determine John and Cindy's:

1. Standard Deduction
2. AGI
3. Taxable Income
4. Tax Liability