Ques 1) Danny and Mary are married and have two dependent children. They als support Mary's mother for 60% of her living expenses. She lives with them and has $20,000 of social security income. Their 2014 tax and other related information is as follows:

Total salaries - $110,000

Bank account interest income - $3,500

Value of employer-provided medical insurance- $3,500

Dividend incomefrom ABC stock, $2,000

Loan from Danny's parents - $5,000

Gift from Danny's parents - $15,000

Total itemized deductions - $26,000

What is their taxable income?

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