Reference no: EM131261486
Compute: 1) Adjusted Gross Income, 2) Taxable Income, 3) Tax Owed or Refunded?
Mark and Michelle are married, file a joint return and have two dependent children. During 2016, they report following iteams:
Mark's Salary: $83,000
Michelle's Salary: $120,000
Interest Earned on Municipal Bonds: $2,000
Net long term capital loss: $4,000
Net short term capital gain: $8,000
Capital loss carryover from prior year: $11,000
IRA contribution: $10,000
Itemized deductions: $10,500.
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