Question: Using the 4 step process, compute Taxable Income based on the following items below: Salaries 150,000 Company Car from employer 10,000 Company Education Reimbursement from

Using the 4 step process, compute Taxable Income based on the following items below:

Salaries 150,000
Company Car from employer 10,000
Company Education Reimbursement from employer 15,000
Investment Interest Income 2,500
Traditional IRA Contribution 5,500
Qualified Business Income 50,000
Home Mortgage interest 5,500
Property Taxes 4,500
State Taxes 5,000
Local Taxes 2,500
Medical Expenses 3,000
Charitable Contributions 1,500
Standard Deduction (Married Filing Jointly 24,000

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