Quiz: Taxable Income

John and Amy have two children, Amara and Joshua, ages 14 and 12 respectively. The family lives at 199 chambers street, New York NY 1007. Information concerning their 2022 taxes are as follows:

Amara is legally blind

Amy is unemployed.

John earned 85,000 teaching at BMCC

John and Amy have a rental property located in Brooklyn. The rental income was 14,500, while the operating expenses were 17,000.

Amy received a 1009INT with interest earned from Chase Bank of $200

John earned 500 dividends (200 was qualified dividends) from his Mutual Fund account at MCU.

John and Amy earned 200 interest from a municipal bond they bought three years ago.

Joshuas cousin Paul lives with the family all year and earned 3,500 from a part-time job while attending school.

Amy visited Atlantic City on her birthday and won 5,000 after losing 500.

Instructions: Compute John and Amys Taxable Income