Hi, help me please
Morgan and Maggie are married and have two dependent children. They also fully support Mary's mother who lives with them and has no income. Their 2006 tax and other related information is as follows:
Total salaries $110,000
Bank account interest income 3,500
Municipal bond interest income 1,500
Value of employer provided medical insurance 3,500
Value of premiums for $50,000 of group term life insurance provided by employer $500
Dividend income from ABC stock $2,000
Loan from Morgan's parents $5,000
Gift from Morgan's parents $15,000
Gain from the sale of qualified small business stock held more than 5 years $15,000
Total itemized deduction $16,000
compute Morgan and Maggie's taxable income