Sadie and Tim are married, have four dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $28,500, what is their taxable income for 2018?

STANDARD DEDUCTION Filing Status

Married individuals filing joint returns and surviving spouses

$24,000

Heads of households

$18,000

Unmarried individuals (other than surviving spouses and heads of households)

$12,000

Married individuals filing separate returns

$12,000

Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses

$1,300*

Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse

$1,600*

Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,050.

* These amounts are $2,600 and $3,200, respectively, for a taxpayer who is both aged and blind.

Personal and Dependency Exemptions Suspended:In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years.

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Minus:

Taxable income