Mr and Mrs Boomer ages 39 and 41 file a joint return and hav

Mr. and Mrs. Boomer, ages 39 and 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 deductions 1,800

Itemized deductions 3,200

Calculate their Adjusted gross income (AGI).

A. AGI $47,000

B. AGI $52,000

C. AGI $50,200

D. None of the above is correct

Ans: Total Income=

Salaries = $47000

Taxable Interest Income = $ 5000

Total Income = $ 47000+ $ 5000 = $ 52000

Less: Above the line deductions = $ 1800

Adjusted Gross Income = $ 50200

Ans is option C