Mark and Val are married and together have $156,000 of AGI. They have 1 child, Cam that is 2 yrs olds. The couple does not have any child care expenses as Mark works from home. This year they have recorded the following expense

The AGI of $156,000 considers $4000 in qualified dividends received $1000 students loans interest and $62 in early withdrawal penalty.

Calculate their taxable income and tax liability using the 2023 tax rate schedule. Standard deduction for MFK is $27,700.

  

Home mortgage interest Real estate taxes Sales taxes Medical expenses (unreimbursed) $9.950 5,400 2,300 2,800 Employee business expenses (unreimbursed) 790 Charitable contributions (cash to their church) 7,850