Question
Calculating taxable income for a married couple filing jointly Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures
Calculating taxable income for a married couple filing jointly
Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilsons joint 2014 tax return. He can claim three personal exemptions (including himself). So far, hes been able to determine the following with regard to income and possible deductions:
Total unreimbursed medical expenses incurred$1,160Gross wages and commissions earned50,700IRA contribution5,000Mortgage interest paid5,200Capital gains realized on assets held less than 12 months1,400Income from limited partnership250Job expenses and other allowable deductions900Interest paid on credit cards360Dividend and interest income earned620Sales taxes paid2,470Charitable contributions made1,250Capital losses realized3,500Interest paid on a car loan550Alimony paid by Ethan to his first wife5,900Social Security taxes paid2,700Property taxes paid750State income taxes paid1,800
Given this information, how much taxable income will the Wilsons have in 2014? (Note: Assume that Ethan is covered by a pension plan where he works, the standard deduction of $12,400 for married filing jointly applies, and each exemption claimed is worth $3,950.) Do not round your intermediate computations.
$?
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