Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for

Question:

Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2020. Their salaries for the year total $85,000 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $24,900. Jackson and Peggy do not have any dependents.

a. What is the amount of their adjusted gross income? b. What is their deduction for personal exemptions? c.