Randy and Sharon are married and have two dependent children. Their 2015 tax and other related information is as follows: Total salaries $160,000, Bank account interest income $3,500, Municipal bond interest income $1,500, Value of employer provided medical insurance $12,500, Employer paid premiums for $50,000 of group term life insurance $5,500, Dividend income from ABC stock $2,000, Loan from Randy's parents $5,000, Gift from Randy's parents $15,000, Share of Partnership income $18,000, Distribution from Partnership $9,000, Total itemized deductions $17,000. Compute Randy and Sharon's adjusted gross income, taxable income and tax liability.