Ralph and Betty Ingram are married and have one child. Ralph is putting together some figures so that he can prepare the Ingram’s joint 2008 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: 

Given this information, how much taxable income will the Ingrams have in 2008? (Assume that Ralph is covered by a pension plan where he works, the standard deduction of $10,900 for married filing jointly applies, and each exemption claimed is worth $3,500.)

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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 Ralph to first wife 6,000 Social Security taxes paid 2,750 Property taxes paid 700 State income taxes paid 1,700