Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries are $150,000. They provided the following information about their expenditures and other income for 2019: Loss on sales of stocks 6,500; Interest on Capital one credit card 3,200; Mortgage interest payments 14,800; IRA contribution (Traditional) 12,000; State income tax estimated payment 2,200; Contribution to charitable organizations 3,000; Charitable Contribution 500; Interest income from their saving $3,500; Calculate their taxable income for 2019. Show all your work.
Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries are $150,000. They provided the following information about their expenditures and other income for 2019: Loss on sales of stocks 6,500; Interest on Capital one credit card 3,200; Mortgage interest payments 14,800; IRA contribution (Traditional) 12,000; State income tax estimated payment 2,200; Contribution to charitable organizations 3,000; Charitable Contribution 500; Interest income from their saving $3,500; Calculate their taxable income for 2019. Show all your work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries are $150,000. They provided the following information about their expenditures and other income for 2019: Loss on sales of stocks 6,500; Interest on Capital one credit card 3,200; Mortgage interest payments 14,800; IRA contribution (Traditional) 12,000; State income tax estimated payment 2,200; Contribution to charitable organizations 3,000; Charitable Contribution 500; Interest income from their saving $3,500; Calculate their taxable income for 2019. Show all your work.
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