Blake and valerie meyer both age 30 are married with one

Reference no: EM13379797

Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). On the basis of the following information, compute the Meyers' federal income tax (including any AMT) on their joint return. Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. Valerie's salary from GuiTech, an S corporation, was $29,400. Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $12,000 cash distribution from GuiTech. Blake received a $12,000 cash gift from his grandmother. Valerie won $6,400 in the Maryland state lottery. The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain. Blake paid $12,000 alimony to a former spouse. The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence. The Meyers paid $7,000 state income tax and $4,200 state and local sales tax. Valerie contributed $1,945 to the First Baptist Church.

Reference no: EM13379797

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