Question: Steve and Sue are married with three dependent children. Their 2014 joint income tax return shows $390,000 of AGI and $60,000 of itemized deductions made

Steve and Sue are married with three dependent children. Their 2014 joint income tax return shows $390,000 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:
a. Itemized deduction or standard deduction amount $_________________
b. Number of exemptions and total deduction amount $_________________
c. Taxable income $_________________

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