Steve and Sue are married with three dependent children. Their 2016 joint income tax return...
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Accounting
Steve and Sue are married with three dependent children. Their 2016 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions. Calculate the following amounts:
A. Itemized deduction or standard deduction amount.
B. Number of exemptions and total deduction amount.
C. Taxable Income.
Please show all work. My teacher didn't go over this topic. Thanks in advance.
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