49. Zed and Jaffry are married and file jointly every year. They have 3 children (ages 6, 10 and 17) who are dependents. They have a W-2 income of $92,000. They have $11,000 in Federal taxes withheld.

Zed and Jaffry have the following expenses for the year:

Interest on a home equity loan taken out in 2018 (loan issued for $100,000, used solely for college education) $1,900

Interest on first mortgage (original loan balance $450,000) $11,400

Property taxes on personal residence $8,600

State income tax $7,200

State sales tax $3,900

What is Zed and Jaffrys taxable income? Please explain why