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

Calculate Josue and Laura's tax liability before applying any credits or tax payments?