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compute taxable income
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 |
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