Question
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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