Question

Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare Wilson's joint 2014 tax return. He can claim three personal exemptions (including himself). So far, he's been able to determine the following with regard to income and possible deductions:

Total unreimbursed medical expenses incurred	$ 1,155
Gross wages and commissions earned	50,770
IRA contribution	5,000
Mortgage interest paid	5,200
Capital gains realized on assets held less than 12 months	1,450
Income from limited partnership	200
Job expenses and other allowable deductions	875
Interest paid on credit cards	380
Dividend and interest income earned	610
Sales taxes paid	2,470
Charitable contributions made	1,200
Capital losses realized	3,475
Interest paid on a car loan	570
Alimony paid by Ethan to his first wife	6,000
Social Security taxes paid	2,750
Property taxes paid	700
State income taxes paid	1,700

Given this information, how much taxable income will the Wilsons have in 2014?

Answer 1

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