George, age 67, and Linda, age 60, are married taxpayers with three dependent children. Their adjusted gross income for the 2016 tax year is $142,000 . They have itemized deductions of $24,000 . Determine the following for their joint tax return for 2016:
a. The number of exemptions
b. Exemption deduction amount
c. The greater of the amount of their standard deduction or their itemized deductions
d. Taxable income
a. 5
b. $20,250 = 5 x $4,050
c. $24,000
d. $97,750 = $142,000 - $24,000 - $20,250
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