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Mr. and Mrs. L had the following income items: Dividend eligible for 0% preferential rate $ 3,755 Capital gain eligible for 0% preferential rate 3,345

Mr. and Mrs. L had the following income items:

Dividend eligible for 0% preferential rate $ 3,755
Capital gain eligible for 0% preferential rate 3,345
Mrs. Ls salary 28,800

Mr. L is age 66, and Mrs. L is age 68. Their itemized deductions totaled $7,000, and they have no dependents. Compute their income tax on a joint return. Use Individual Tax Rate Schedules and Standard Deduction Table.

What is the AGI?

What is the taxable income?

What is the income tax?

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