What is their taxable income

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Reference no: EM131547123

Bob and Allie Katz are a married couple with three children. Their wages for 2015 totaled $125,400 with an additional $200 in interest income. They have calculated their itemized deductions to be $23,700 and also realized a short-term capital gain of $2,600. They sold stock for $13,000 in 2015 which had been purchased in 2007 for $10,000. For the year, Bob and Allie have paid $24,600 in federal taxes. They are also eligible for a tax credit of $500. Combined, they contributed $10,000 into their Roth IRA’s. What is their taxable income?

Reference no: EM131547123

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