Bob Katz and Sally Mander are a married couple with four children. Total wages for 2018 equaled $96,400. Stock which had been purchased nine months earlier was sold for a $1,600 gain and stock held for three years was sold for a $4,000 gain. Interest income from savings was $100. Itemized deductions totaled $21,500. Bob and Sally qualify for a $1,000 tax credit. What is Bob's and Sally's taxable income

$79,600

Explanation:

Solution

Given that:

Now,

The total wages = $96,400

The stock gain = $1600 and $4000

The saving Interest income  = $100

Thus,

To determine Bob's and Sally's taxable income is as follows:

The taxable income = total wages + stock gain + Interest income from saving

So,

The taxable income = $96,400 + $1600 + $4000 + $100

Taxable income = $102,100

The itemized total deductions = $21,500

Tax credit = $1000

Taxable income = $102,100 - $21,500 = $80,600

Taxable income = $80,600 - Tax credit

Taxable income = $80,600 - $1000 = $79,600

Therefore Bob's and Sally's taxable income will be = $79,600

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