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Mr. and Mrs. Liddy, ages 39 and 41, file a joint return and have no...

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Accounting

Mr. and Mrs. Liddy, ages 39 and 41, file a joint return and have no dependents for 2022. Here is their relevant information.

Salaries$47,000Taxable interest income 5,000Above-the-line deductions 1,800Itemized deductions 3,200 Compute their adjusted gross income (AGI) and taxable income.

Group of answer choices

AGI $50,200; taxable income $24,300.

AGI $52,000; taxable income $29,400.

AGI $52,000; taxable income $31,300.

AGI $50,200; taxable income $29,400.

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