Question
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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