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Compute randy and sharon taxable income

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Question - Randy and Sharon are married and have two dependent children. They also fully support Sharon's mother who lives with them and has no income. Their 2015 tax and other related information is as follows:

Total salaries - $160,000

Bank account interest income - $3,500

Municipal bond interest income - $1,500

Alimony paid to Sharon's ex-husband - $15,000

Value of employer provided medical insurance- $5,500

Value of premiums for $50,000 of group term life insurance provided by employer - $500

Dividend income from ABC stock, $2,000

Loan from Randy's parents - $5,000

Gift from Randy's parents - $15,000

Gain from the sale of qualified small business stock (§1202) held more than 5 years - $15,000

Total itemized deductions - $16,000

Compute Randy and Sharon's taxable income.

Reference no: EM132042853

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