Rico Suave is a widowed single father with 2 dependent children. Rico has a gross income of $48,000, adjustments of $8,000, and itemized deductions of $8,700. If the standard deduction is $5,700, personal exemptions for the year are $3,650 for each dependent claimed on the income, and the child tax credit is $1,000 per child, what is Rico's taxable income?