Income and deductions for the tax year

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Consider Mark and Jen’s income and deductions for the 2014 tax year. They file a joint return. Their combined gross income is $168,000. They have the following possible amounts which qualify as itemized deductions to consider: $4,100 in real estate taxes, $4,125 in interest paid on their home mortgage, and $1,200 interest paid on a home-equity loan. They have three children who are claimed as dependents. What is the Johnson’s 2014 taxable income? Label each value used in the calculation carefully.

Reference no: EM131045346

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