Calculating taxable income for a married couple filing jointly. Sam and Kate Col

Question

Calculating taxable income for a married couple filing jointly. Sam and Kate Coleman are married and have one child. Sam is putting together some figures so that he can prepare the Coleman’s joint 2015 tax return. He can claim three personal exemptions. How much taxable income will the Colemans have in 2015?

Total unreimbursed medical expenses incurred $1,155.00 Gross wages and commissions earned $50,770.00 IRA contribution $5,000.00 Mortgage interest paid $5,200.00 Capital gains realized on assets held less than 12 months $1,450.00 Income from limited partnership $200.00 Job expenses and other allowable deductions $875.00 Interest paid on credit cards $380.00 Qualified dividend income earned $610.00 Sales taxes paid $2,470.00 Charitable contributions made $1,200.00 Capital losses realized $3,475.00 Interest paid on car loan $570.00 Alimony paid by Ross to his first wife $6,000.00 Social Security taxes paid $2,750.00 Property taxes paid $700.00 State income taxed paid $1,700.00

Explanation / Answer

Answer

Particulars Calculation Amount Gross wages and commissions earned $50,770 Add:Income from limited partnership $200 Add:Qualified dividend income earned $610 Add:Capital gains realized $1450 Less:Capital losses realized ($3475) Gross income 49555 Less:Adjustment ($4000+$6000) ($10000) Adjusted gross income $39555 Less: Standard deductions $12600 Less: personal Exemption $4000*3 $12000 Taxable income $14955

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