Mr. and Mrs. Liddy, ages 39 and 41, file a joint return and have no dependents for the year. Here is their relevant information: Standard Deduction Table. Salaries $ 47,000 Taxable interest income 5,000 Above-the-line deductions 1,800 Itemized deductions 16,250 Compute their adjusted gross income (AGI) and taxable income.

Multiple Choice

A. AGI $50,200; taxable income $25,800.

B. AGI $52,000; taxable income $35,750.

C. AGI $52,000; taxable income $33,550.

D. AGI $50,200; taxable income $9,950.