Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee.
Question:
Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Laura is 33 years old and works part-time as an office manager. They have 1 child, Anna 4 years old (qualifies for the $2,000 child care credit. They live in NYC and Laura's mother cares for Amy at no cost.
Josue's Gross salary
$56,400
Laura's salary
$22,000
Cash gift
$5,000
Interest Income from bank acc
$100
Federal income tax w/h
$2,500
State income tax
$3,680
Charitable contributions
$6,000
Rent paid
$10,000
Made a loan on March 1 in the current year to a friend, who was starting a business.Principal amount was $10,000 and interest is due on December 31 annually.The interest rate is 5%.
Calculate the amount
(Loan was done as part of arm's length transaction and interest was paid on time)
Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for December for $1,500
Calculate the amount
Municipal Bond Interest
$500
Purchased 100 shares of Disney for $5,000 and sold it for $1,000.Held the stock for 2 years
Calculate the amount
What is Josue and Laura Taxable Income?