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Mr & Mrs Jones, ages 39 & 41, file a joint return and have no dependents...

Mr & Mrs Jones, ages 39 & 41, file a joint return and have no dependents for the year. Here is their relevant information:

Salaries: $47,000

Taxable interest income: $5,000

Above-the-line deduction: $1,800

Itemized deductions: $16,250

Compute their AGI and taxable income.

A) AGI $50,200; taxable income $26,200

B) AGI $52,000; taxable income $31,400

C) AGI $52,000; taxable income $39,000

D) AGI $50,200; taxable income $39,000

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