Calculate taxable income for Daisy and Dermot Douglass based on the following information: The

Douglass's file married joint.

Salary $200,000

Interest on State of Mississippi bonds $50,000

Treasury bill interest $20,000

Interest on HSBC bank account $10,000

Walmart dividends $20,000

Workman's compensation $30,000

Unemployment Compensation $20,000

Sole proprietorship income $100,000

Child support received $20,000

Daisy's mother Della, gave her a gift of $100,000

Rental income $20,000

Capital loss $5,000

Partnership loss $40,000

Dermot won $10,000 at the race track.

Scorporation income $20,000

Daisy was the beneficiary of her great uncle's life insurance policy $100,000 Dermot found a rare coin

worth $30,000 on the beach.

Daisy's sister Dee repaid a loan from 2010, $20,000

Daisy won $15,000 in a bowling tournament.

Dermot inherited $100,000 from his grandfather

Alimony paid $20,000. The divorce was signed in 2014. Student loan interest paid $1,000

Sales tax paid $5,000

Self Employment tax paid $8,000

Penalty for early withdrawal from timed savings account $1,000

Educator expenses $500

Medical Expenses $40,000

Daisy gave $10,000 to the Smith family. The Smith's family was flooded during a tropical storm

Mortgage interest paid $50,000. The $2,000,000, Mortgage was signed in 2019

Contribution to health savings account $4,000 Contribution to individual retirement account $2,000