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Tony and Liz Montey both work for XYZ Corporation where Tony earns $32,000 and Liz earns $31,000. However, XYZ Corporation does not have a retirement

Tony and Liz Montey both work for XYZ Corporation where Tony earns $32,000 and Liz earns $31,000. However, XYZ Corporation does not have a retirement plan for their employees. Tony and Liz have three-year old twin daughters named Trisha and Tasha. The following is information related to their taxes for the current tax year:

Gross income

$63,000

Tony's Traditional IRA contribution

$1,000

Liz's Traditional IRA contribution

$2,000

Total itemized deductions

$16,200

Child Credit per child

$1,000

Personal exemptions

$3,700 each

Standard deduction

$11,600

Marginal tax rate

15 percent

What is Tony and Liz's adjusted gross income?

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