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Randy and Sharon are married and have two dependent children. Their 2019 tax and other related information is as follows: Total salaries $160,000 Bank account

Randy and Sharon are married and have two dependent children. Their 2019 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

Gain from the sale of qualified small business stock acquired in 2008

18,000

Total itemized deductions

27,000

Compute Randy and Sharon's taxable income. (Show all calculations in good form.)

Compute Randy and Sharon's taxable income. (Show all calculations in good form.)

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