Mrs. Clinton, age 39, and Mr. Trump, age 50, are married with two dependent children. They file a joint return for 2014. Their income from salaries totals $156,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. Calculate the following amounts:

a.	Gross income
b.	Adjusted gross income
c.	Itemized deduction or standard deduction amount
d.	Deduction for exemptions
e.	Taxable income
f.	Regular income tax liability from rate schedules

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a Gross income ... View the full answer