Problem 5-29 Taxes, Contributions, Phase-Out of Itemized Deductions And Exemptions for High-Income Taxpayers (LO 5.2, 5.4, 5.9) Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions. Calculate the following amounts: In your computations, round any percentage up the nearest whole percent. If required, round your answers to the nearest dollar.

a. Allowable itemized or standard deduction amount $

b. Allowable exemptions deduction amount $

c. Taxable income $