Randy and Sharon are married and have two dependent children. Their 2021 tax and other related information is as follows:

Total salaries	$160,000
Bank account interest income	3,500
Municipal bond interest income	1,500
Value of employer provided medical insurance	12,500
Employer paid premiums for $50,000 of group term life insurance	5,500
Dividend income from ABC stock	2,000
Loan from Randy's parents	5,000
Gift from Randy's parents	15,000
Lotto Game Prize	9,000
Total itemized deductions	27,000

Compute Randy and Sharon's taxable income.

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