Practice: Chapter 03 Preparing Your Taxes Chapter 3 eBook Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Emily and Luke Robinson are married and have one child. Luke is putting together some figures so that he can prepare the Robinson's joint 2018 tax return. So. far, he's been able to determine the following with regard to income and possible deductions: Total unreimbursed medical expenses incurred $1,150 Gross wages and commissions earned 50,840 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 1,400 months Income from limited partnership 150 Interest paid on credit cards 360 Qualified dividends 610 Interest earned on bonds 200 Sales taxes paid 2,470 Charitable contributions made 1,250 Capital losses realized 3,475 Interest paid on a car loan 590 Social Security taxes paid 2,750 Property taxes paid State income taxes paid 700 1,800 Assume that Luke is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies. How much taxable income will the Robinsons have in 2018? Note that personal exemptions were suspended for 2018. Do not round your intermediate computations. Round the answer to the nearest dollar.