Jim and Deborah Palmer are from Mahwah, New Jersey. Jim is 49 years old and Deborah is 47 years old. Together, they have one son, Michael who is 18 years old and applying to go to college. Jim earns $85,000 a year while Debby earns $70,000 per-year. Jim and Debby have 15 years left on their home mortgage. They purchased the house in September 2005 at a price of $425,000. They were able to put 20% down and had to finance the remaining $340,000 at an interest rate of 5.8%. The couple contributes $2,000 a year to a health savings account and contributes maximum tax free payments into their 401k, which is about $6,000 each. Deborah receives a gift from her parents once a year for $10,000. The couple earned $25 on saving account interest, $3,000 on corporate bonds and $1,200 in municipal bonds. Jim and Deborah Palmer are from Mahwah, New Jersey Jim is 49 years old and Deborah is 47 years old. Together they have one son Michael who is 18 years old and applying to go to college, Jim eams $85.000 a year while Debby ears $70,000 per-year Jim and Debby have 15 years left on their home mortgage They purchased the house in September 2005 at a price of $425,000. They were able to put 20% down and had to finance the remaining 5340,000 at an interest rate of 5.8%. The couple contributes $2.000 a year to a health savings account and contributes maximum tax free payments into their 401k, which is about $6,000 each Deborah receives a gift from her parents once a year for $10,000. The couple earned $25 on Saving account interest $3,000 on corporate bonds and $1 200 in municipal bonds Federal T in 2019 10-ks Trlame x T 2 I Federal Income Tax Worksheet for Jim and Deborah Income Broadly Defined $169,225.00 Less: Excluded Income $13,200.00 Gross Income $156,025.00 Less:deductions For AGI $2,000.00 AGI $154,025.00 Less: Greater of Standard deduction or sum of itemized deductions $34,055.80 Taxable income $119,969.20 Tax on Taxable income $17.998.22 $0.00 Less credit for taxes withheld Less:Other Tax Credits $2,000.00 Tax due or Refund due $15.998.22 Fed. Inlove tax worksheet is not correct. Jim and Deborah Palmer are from Mahwah, New Jersey. Jim is 49 years old and Deborah is 47 years old. Together, they have one son, Michael who is 18 years old and applying to go to college. Jim earns $85,000 a year while Debby earns $70,000 per-year. Jim and Debby have 15 years left on their home mortgage. They purchased the house in September 2005 at a price of $425,000. They were able to put 20% down and had to finance the remaining $340,000 at an interest rate of 5.8%. The couple contributes $2,000 a year to a health savings account and contributes maximum tax free payments into their 401k, which is about $6,000 each. Deborah receives a gift from her parents once a year for $10,000. The couple earned $25 on saving account interest, $3,000 on corporate bonds and $1,200 in municipal bonds. Jim and Deborah Palmer are from Mahwah, New Jersey Jim is 49 years old and Deborah is 47 years old. Together they have one son Michael who is 18 years old and applying to go to college, Jim eams $85.000 a year while Debby ears $70,000 per-year Jim and Debby have 15 years left on their home mortgage They purchased the house in September 2005 at a price of $425,000. They were able to put 20% down and had to finance the remaining 5340,000 at an interest rate of 5.8%. The couple contributes $2.000 a year to a health savings account and contributes maximum tax free payments into their 401k, which is about $6,000 each Deborah receives a gift from her parents once a year for $10,000. The couple earned $25 on Saving account interest $3,000 on corporate bonds and $1 200 in municipal bonds Federal T in 2019 10-ks Trlame x T 2 I Federal Income Tax Worksheet for Jim and Deborah Income Broadly Defined $169,225.00 Less: Excluded Income $13,200.00 Gross Income $156,025.00 Less:deductions For AGI $2,000.00 AGI $154,025.00 Less: Greater of Standard deduction or sum of itemized deductions $34,055.80 Taxable income $119,969.20 Tax on Taxable income $17.998.22 $0.00 Less credit for taxes withheld Less:Other Tax Credits $2,000.00 Tax due or Refund due $15.998.22 Fed. Inlove tax worksheet is not correct