stion completion Status: Phil, 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Sharon is 33 years old and works part time as office manager. They have 1 child, Amy 4 years old (qualifies for the $2,000 child care credit. They live in NYC and Sharon's mother cares for Amy at no cost. Phil's Gross salary $56,400 Sharon's salary $22,000 Cash gift $5,000 Interest Income from bank acc $100 Federal income tax w/h $2,500 State income tax $3,680 Charitable contributions $6,000 Rent paid $10,000 Made a loan on March 1 in current year to a Calculate (Loan was done as part of arm's friend, who was starting a business. Principal amount length transaction and interest amount was $10,000 and interest is due on was paid on time) December 31 annually. Interest rate is 5%. Purchased 100 shares of IBM for $2,000 in Calculate April of this year and sold the stock for amount December for $1,500 Municipal Bond Interest $500 Purchased 100 shares of Disney for $5,000 Calculate and sold it for $1,000. Held the stock for 2 amount years Calculate Phil and Sharon's taxable income