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Question: During 2012 Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries $150,000 Bank account
Question: During 2012 Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries $150,000 Bank account interest 25,000 Short-term capital gains 4,000 Short-term capital losses ( 1,500) They also incurred the following expenses: Qualified medical expenses $ 8,000 State income taxes paid 12,000 Property taxes on home 2,300 Qualified residence interest 9,000 Investment interest expense 7,500 Cash charitable contributions 15,000 Tax return preparation fees 3,600 Unreimbursed employee business expenses 4,000 Compute Richard and Denisa's taxable income for the year. (Show all calculations in good form.)
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