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Randy and sharon are married and have two dependant children. Their 2019 tax and other related...

Randy and sharon are married and have two dependant 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, Value of 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: $10,000, Gain from the sale of qualified small business stock acquired in 2008: $18,000, total itemized deductions: $27,000. Compute Randy and Shaon's taxable income ( show all calculations in good form)

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ekkarill92 answered 2 years ago
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