Given the following data, calculate the adjusted gross income (AGI) for David Brown's family. What are their total itemized deductions? How many personal exemptions do they receive, and how much does that save them in taxes if each exemption is worth $3,650 and they are in the 15 % marginal tax bracket? David is married and has two dependent children. Show all work for full credit. Make sure you account for each piece of data given.
Wages.........................................................$50,000Mortgage Interest Paid.........................................6,500Dividends Received..............................................500Long-Term Capital Gains.....................................2,000Long-Term Capital (Loss).......................................500Interest Income....................................................50State Tax Refund................................................300Deductible IRA Contribution................................5,000Property Taxes Paid...........................................1,200Rental Prop. Passive Income.................................2,500Charitable Contributions.......................................5,000Medical Expenses..................................................4,500Alimony Paid to Ex Wife......................................4,000Unreimbursed EmployeeMisc. Expenses ........................................................900