Using the 4 step process, compute Taxable Income based on the following items below:

Salaries	150,000
Company Car from employer	10,000
Company Education Reimbursement from employer	15,000
Investment Interest Income	2,500
Traditional IRA Contribution	5,500
Qualified Business Income	50,000
Home Mortgage interest	5,500
Property Taxes	4,500
State Taxes	5,000
Local Taxes	2,500
Medical Expenses	3,000
Charitable Contributions	1,500
Standard Deduction (Married Filing Jointly	24,000