Solved: Steve and Beth Compton are married and have one

child

Steve and Beth Compton are married and have one child. Steve is putting together some
figures so that he can prepare the Compton's.0 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 ................... $ 1,155

Gross wages and commissions earned ................................50,770

IRA contribution ..........................................................5,000

Mortgage interest paid ....................................................5,200

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 ......................................610

Sales taxes paid ..............................................................2,470

Charitable contributions made ............................................1,200

Capital losses realized ......................................................3,475

Interest paid on a car loan ....................................................570

Alimony paid by Steve to his first wife ..................................6,000

Social Security taxes paid ..................................................2,750

Property taxes paid ............................................................700

State income taxes paid ....................................................1,700

Given this information, how much taxable income will the Compton's have in 2014? (Note:

Reach out to freelance2040@yahoo.com for enquiry.

 Assume that Steve 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)

Steve and Beth Compton are married and have one child

ANSWER
https://solvedquest.com/steve-and-beth-compton-are-married-and-have-one-child/

Reach out to freelance2040@yahoo.com for enquiry.

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