Paul is 66 years old and Tina is 62 years old. They file a joint return. They support their 22-year-old son, Jed, who is a full-time student. He earns $4,000.00 per year as a waiter at a restaurant.

Wages $ 155,000.00 Interest from savings $12,000.00 Interest on NYS qualified bonds $7,000.00 Inheritance from Tinas Aunt Lucy $6,000.00 Contribution to IRA $3,000.00 Child support from Tinas ex-husband Eric $10,000.00 Prize from contest at church $1,000.00 Dividend from ABC Corp. stock $2,000.00

Paul and Tina own a house in Whitestone. The costs associated with the house were as follows: Mortgage interest $7,000.00 Real estate taxes $4,000.00

They paid hospital bills of $6,000.00 and doctors bills of $6,000.00. Their medical insurance company reimbursed them in the amount of $3,000.00 for the doctors bills. They had prescriptions in the amount of $500.00 and a vitamin expense of $200.00.

Their charitable contributions included: $200.00 paid to St. Marys Church $ 500.00 paid to Mr. and Mrs. Elm whose house was damaged in a flood

Answer the questions in the space provided.

1. What is Pauls and Tinas adjusted gross income for 2022?

2. What is Paul and Tinas standard deduction for 2022 without regard to their itemized deductions?

3. What is Paul and Tinas net itemized deduction?

4. What is Paul and Tinas tax liability?