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Jim, age 50, and Martha, age 49, are married with three dependent children. They file...

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Accounting

Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2022. Their income from salaries totals $69,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $27,200. Tax withheld in their salaries. S_3.800 Calculate the following amounts 1. Gross income 2. Adjusted gross income 3. Itemized deduction or standard deduction amount 4. Taxable Income 5. Applied all credits 6. Income tax liability or refund

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