Mr. and Mrs. Dell, ages 29 and 26, file a joint return and have no dependents for the year. Here is their relevant information: Standard Deduction Table. Salaries$163,000Dividend income 1,900Above-the-line deductions 6,200Itemized deductions 26,200Compute their adjusted gross income (AGI) and taxable income.
A. AGI $164,900; taxable income $8,500
B. AGI $158,700; taxable income $108,500
C. AGI $158,700; taxable income $132,500
D. AGI $164,900; taxable income $134,700
Answer: C
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