Two dependent children, Your firm has clients named Danny

Two dependent children

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Reference no: EM13912345

Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income. Their 2014 tax and other related information is as follows:

Total salaries - $110,000

Bank account interest income - $3,500

Municipal bond interest income - $1,500

Danny has part-time consultant income of $7200

Rent income - $7,000

Rent expenses - $9,000

Value of employer-provided medical insurance - $5,500

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

Share of partnership income - $30,000

Partnership distribution - $10,000

Dividend income from ABC stock - $2,000

Loan from Danny's parents - $5,000

Gift from Danny's parents - $15,000

Total itemized deductions - $16,000

Determine Danny and Mary's taxable income.

Please include the detailed calculations to each line?

Reference no: EM13912345

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