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Calculating taxable income for a married couple filing jointly. Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson’s joint 2014 tax return. He can claim three personal exemptions (including himself). So far, he’s been able to determine the following with regard to income and possible deductions:

Total unreimbursed medical expenses incurred                                                                                 $ 1,155

Gross wages and commissions earned                                                                                   50,770

IRA contribution                                                                                                                               5,000

Mortgage interest paid                                                                                                                                 5,200

Capital gains realized on assets held less than 12 months                                               1,450

Income from limited partnership                                                                                              200

Job expenses and other allowable deductions                                                                   875

Interest paid on credit cards                                                                                                       380

Dividend and interest income earned                                                                                     610

Sales taxes paid                                                                                                                                2,470

Charitable contributions made                                                                                                   1,200

Capital losses realized                                                                                                                    3,475

Interest paid on a car loan                                                                                                            570

Alimony paid by Ethan to his first wife                                                                                    6,000

Social Security taxes paid                                                                                                              2,750

Property taxes paid                                                                                                                        700

State income taxes paid                                                                                                                1,700

Given this information, how much taxable income will the Wilsons have in 2014? (Note: Assume that Ethan is covered by a pension plan where he works, the standard deduction of 12,400 for married filing jointly applies, and each exemption claimed is worth3,950.)


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