Question: The year is within one certain year. John and Cindy are 70 and 56, respectively. They file a joint return. They have itemized deductions totaling

The year is within one certain year.

John and Cindy are 70 and 56, respectively. They file a joint return. They have itemized deductions totaling $32,000.00.

Their sources of income and deductions are:

Wages-----------------------------------------------------$175,000.00

Interest from savings accounts------------------------ 10,000.00

Interest from NY qualified bonds--------------------- 6,000.00

Gift from John’s unlce---------------------------------- 20,000.00

Determine John and Cindy’s:

Standard Deduction

AGI

Taxable Income

Tax Liability

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