Find the taxable income if they file joint return

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Reference no: EM131563553

Dave and Alana are married and claim 4 exemptions. Last year Alana earned $31,300 and Dave earned $25,100 in wages. Additional tax information for the year is as follows: interest earned: $2,600; penalty on early withdrawal of savings: $200; contributions to IRA retirement fund: $2,500; real estate taxes paid: $2,500; mortgage interest paid: $6,800. Find the taxable income if they file a joint return.

a) $56,400

b) $35,700

c) $28,100

d) $41,700

Reference no: EM131563553

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