Use 2022 tax law.

8. Jim is 68 and single and retired. Here is his income.

Social Security Income 15,000

Chase Interest Income 5,000

Municipal bond interest 5,000

Qualifying dividends 5,000

He has itemized deductions of $10,000. Compute his tax liability.

9. John (68) and Jane (66) are married with no children. Their income from salaries is 60,000 and they had interest income on CDs of 5,000. They had deductions for adjusted gross income of $3,000 and itemized deductions of $12,000. Calculate their taxable income.