Question: chift problem 1: 30 Points. Gabriel, age 40, and Edith, age 33, are married with two dependents. They reported AGI of $110,000 in 2018 that

 chift problem 1: 30 Points. Gabriel, age 40, and Edith, age

chift problem 1: 30 Points. Gabriel, age 40, and Edith, age 33, are married with two dependents. They reported AGI of $110,000 in 2018 that included net investment income of $10,000 and gambling income of $2,500. They incurred the following expenses for itemized deductions: Medical expenses (before AGI limitation) State income taxes Personal property tax Real estate tax Interest on personal residence Interest on home equity loan used to buy a boat for leisure Investment interest expense Charitable contributions Unreimbursed employee expenses 11,000 7,000 900 9,100 8,600 1,800 2,600 4,200 3,800 Compute their taxable income and regular tax. chift problem 1: 30 Points. Gabriel, age 40, and Edith, age 33, are married with two dependents. They reported AGI of $110,000 in 2018 that included net investment income of $10,000 and gambling income of $2,500. They incurred the following expenses for itemized deductions: Medical expenses (before AGI limitation) State income taxes Personal property tax Real estate tax Interest on personal residence Interest on home equity loan used to buy a boat for leisure Investment interest expense Charitable contributions Unreimbursed employee expenses 11,000 7,000 900 9,100 8,600 1,800 2,600 4,200 3,800 Compute their taxable income and regular tax

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