Please see attached are 2 tax problems that I need assistance with.

Accounting 15 1 Name ___________________________________ Robert and Jessica are married and have two dependent children, and they have the following items in 2015: Income: Salaries Bank Interest STCG STCL LTCL $ 150,000 25,000 4,000 (1,500) (3,500) Expenses: Qualified medical expenses State income taxes Real estate on their primary residence Qualified residence interest Investment interest expense Cash charitable contributions Tax return preparation fees Unreimbursed employee business expenses 8,525 11,525 2,300 9,200 7,500 12,575 2,500 3,500 This family is asking you to prepare their tax return. What is the taxable income and tax liability? (show all computations in good form) 2 Tyrone and Akira incurred and paid the following amounts of interest during 2015: Home acquisition debt interest Credit card interest Home equity loan interest Investment interest expense $15,000 5,000 6,500 10,000 With 2015 net investment interest income of $2,000, calculate the amount of their allowable deduction for investment interest and their total deduction for allowable interest. Home acquisition principal is less than $1,000,000, and the home equity loan principle is less than $100,000. What is the allowable interest deduction before any phase-out limits, if any? (show all computations in good form) What is the allowable investment interest expense deduction before any phase-out limits? (show all computations in good form)