Bob and allie katz are a married couple with three children


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?

Request for Solution File

Ask an Expert for Answer!!
Financial Management: Bob and allie katz are a married couple with three children
Reference No:- TGS02342673

Expected delivery within 24 Hours