Nalter has a traditional IRA. Last year, he contributed $5,500 to his IRA. Margaret does not have an IRA. Nalter and Margaret have a mortgage on their primary residence. Last year, they paid \$8,955.00 in mortgage interest on their home. at $124.00 per share. Three months later (in December), she sold all 100 shares at $165.00 per share! Nalter does not have a stock brokerage account. Compute the TAXABLE INCOME for Walter and Margaret. BACKGROUND: ASSUMPTIONS: --Walter's gross income from work (PRIOR to 401(k) contribution): $59,000.00. --Margaret's gross income from work (PRIOR to 401(k) contribution): $44,000.00. --Walter contributes 10% of his work paycheck to his 401 (k). --Margaret contributes 7\% of her work paycheck to her 401(k). --Together, Walter and Margaret give $1,500 to charity each year (their church). --Their combined bank account earned $75.00 in interest in the last year. --Walter and Margaret own a small condo which they rent to college students. Last year they collected a net $11,000 in rent (after expenses). --Walter has a traditional IRA. Last year, he contributed \$5,500 to his IRA. Margaret does not have an IRA. --Walter and Margaret have a mortgage on their primary residence. Last year, they paid $8,955.00 in mortgage interest on their home. shares at $165.00 per share! --Walter does not have a stock brokerage account. --The Standard Deduction for a married couple filing a joint return was $24,000.00 last year. Nalter has a traditional IRA. Last year, he contributed $5,500 to his IRA. Margaret does not have an IRA. Nalter and Margaret have a mortgage on their primary residence. Last year, they paid \$8,955.00 in mortgage interest on their home. at $124.00 per share. Three months later (in December), she sold all 100 shares at $165.00 per share! Nalter does not have a stock brokerage account. Compute the TAXABLE INCOME for Walter and Margaret. BACKGROUND: ASSUMPTIONS: --Walter's gross income from work (PRIOR to 401(k) contribution): $59,000.00. --Margaret's gross income from work (PRIOR to 401(k) contribution): $44,000.00. --Walter contributes 10% of his work paycheck to his 401 (k). --Margaret contributes 7\% of her work paycheck to her 401(k). --Together, Walter and Margaret give $1,500 to charity each year (their church). --Their combined bank account earned $75.00 in interest in the last year. --Walter and Margaret own a small condo which they rent to college students. Last year they collected a net $11,000 in rent (after expenses). --Walter has a traditional IRA. Last year, he contributed \$5,500 to his IRA. Margaret does not have an IRA. --Walter and Margaret have a mortgage on their primary residence. Last year, they paid $8,955.00 in mortgage interest on their home. shares at $165.00 per share! --Walter does not have a stock brokerage account. --The Standard Deduction for a married couple filing a joint return was $24,000.00 last year