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Daniel and Sophie are a married couple with two dependent sons. Their salaries total $105,000 . They have a capital loss of $4,000 and municipal
| Daniel and Sophie are a married couple with two dependent sons. Their salaries total $105,000 . They have a capital loss of $4,000 and municipal bond interest income of $900. They paid home mortgage interest of $4,000, state income taxes of $1,500, and medical expenses of $1,100, and they made charitable contributions of $9,000 (The tax year is 2014.) | ||||||
| Assume Daniel and Sophie are both under 65. Enter a "0" for amounts with a zero balance. Use parentheses or a minus sign to enter a loss.) | ||||||
| A. Compute the couples adjusted gross income. | ||||||
| Adjusted Gross Income | ||||||
| B. Compute the couple's itemized deductions: | ||||||
| Itemized deductions | ||||||
| Medical deductions | ||||||
| Home Mortgage interest | ||||||
| State income taxes | ||||||
| Charitable Contributions | ||||||
| Total Itemized deductions | ||||||
| C. Compute amount of personal exemptions: | ||||||
| Personal exemptions | ||||||
| D. Compute their Taxable Income | ||||||
| taxable income | ||||||
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