Question: Jake and Janice are a married couple with two dependent children. In 2015, their salaries totaled $130,000, and they suffered a capital loss of $8,000.

Jake and Janice are a married couple with two dependent children. In 2015, their salaries totaled $130,000, and they suffered a capital loss of $8,000. They also received $1,000 of taxexempt interest. They paid home mortgage interest of $10,000, state income taxes of $4,000, and medical expenses of $3,000. They also contributed $5,000 to charity. On their 2015 Married Filing Joint tax return what is their (a) adjusted gross income; (b) their total itemized deductions; (c) the amount of their exemptions; and (d) their taxable income.

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