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 per year as a waiter at a restaurant. Wages.................................................................... $ 170,000 Interest from savings............................................... $12,000 Interest on NYS qualified bonds................................ $7,000 Inheritance from Tinas Aunt Lucy............................ $6,000 Contribution to the IRA.................................. $2,000 Child support from Tinas ex-husband Eric.............. $10,000 Prize from contest at church....................................... $1,000 Dividend from ABC Corp. stock............................... $2,000 Paul and Tina own a house in Whitestone. The costs associated with the house were as follows: Mortgage interest $7,000 Real estate taxes $8,000 They paid hospital bills of $7,000 and doctors bills of $6,000. Their medical insurance company reimbursed them in the amount of $3,000 for the doctors bills. They had prescriptions in the amount of $500 and a yearly vitamin expense of $200. Their charitable contributions included: $2,000 paid to St. Marys Church $ 500 paid to Mr. and Mrs. Elm whose house was damaged in a flood Answer the questions in the space provided. What is Pauls and Tinas adjusted gross income? ___________________ What is Paul and Tinas personal/dependency exemption? ______________________ What is Paul and Tinas standard deduction without regard to their itemized deductions? _______________________ What is Paul and Tinas net itemized deduction? ________________________ What is Paul and Tinas tax liability? ______________________________