Chapter 3 Financial Planning Exercise 5 ols Calculating taxable income for a married couple filing jointly...

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Chapter 3 Financial Planning Exercise 5 ols Calculating taxable income for a married couple filing jointly Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax return. So far, he's been able to determine the following concerning income and possible deductions: Total unreimbursed medical expenses incurred $1,160 Gross wages and commissions earned 50,700 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 1,400 months Income from limited partnership 150 Interest paid on credit cards 360 610 2,450 Qualified dividend income earned Sales taxes paid Charitable contributions made Capital losses realized Interest paid on a car loan Social Security taves paid Property taxes paid State income taxes paid 1,250 3,450 590 2,700 650 1,800 Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies.) Do not round your intermediate computations. Chapter 3 Financial Planning Exercise 5 ols Calculating taxable income for a married couple filing jointly Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax return. So far, he's been able to determine the following concerning income and possible deductions: Total unreimbursed medical expenses incurred $1,160 Gross wages and commissions earned 50,700 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 1,400 months Income from limited partnership 150 Interest paid on credit cards 360 610 2,450 Qualified dividend income earned Sales taxes paid Charitable contributions made Capital losses realized Interest paid on a car loan Social Security taves paid Property taxes paid State income taxes paid 1,250 3,450 590 2,700 650 1,800 Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies.) Do not round your intermediate computations.