Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson’s joint 2014 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:

Total unreimbursed medical expenses incurred	$1,160
Gross wages and commissions earned	50,770
IRA contribution	5,000
Mortgage interest paid	5,100
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	620
Sales taxes paid	2,470
Charitable contributions made	1,150
Capital losses realized	3,450
Interest paid on a car loan	570
Alimony paid by Ethan to his first wife	6,100
Social Security taxes paid	2,700
Property taxes paid	650
State income taxes paid	1,800

Given this information, how much taxable income will the Wilsons have in 2014? (Note: Assume that Ethan is covered by a pension plan where he works, the standard deduction of $12,400 for married filing jointly applies, and each exemption claimed is worth $3,950.) Do not round your intermediate computations.

Answer rating: 100% (QA)

Taxable income for 2014 Income Tax Return married filling jointly Gross wages and commissions earned ... View the full answer