Jane and Ed Rochester Are Married with a Two-Year-Old Child

Essay

Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2016, Ed and Jane realized the following items of income and expense: $$\begin{array} { | l | c | l | } \hline \text { Description } & \text { Amount } & \text { Explanation } \\\hline \begin{array} { l } \text { (1) Gross } \\\text { income }\end{array} & \$ 122,000 & \$ 120,000 \text { from business + } \\&&\$ 2,000 \text { interest income } \\\hline \begin{array} { l } \text { (2) Business } \\\text { expenses }\end{array} & ( 40,000 ) & \text { For AGl deduction } \\\hline \begin{array} { l } \text { Adjusted Gross } \\\text { income }\end{array} & \$ 82,000 & ( 1 ) + ( 2 ) \\\hline\end{array}$$ They also qualified for a $1,000 tax credit. Their employers withheld $1,800 in taxes from their paychecks (in the aggregate). Finally, the 2016 standard deduction amount is $12,600 and the 2016 exemption amount is $4,050.
What is the couple's adjusted gross income?