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48. Zed and Jaffry are married and file jointly every year. They have 3 children...

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Accounting

48. Zed and Jaffry are married and file jointly every year. They have 3 children (ages 6, 10 and 17) who are dependents. They have a W-2 income of $92,000. They have $11,000 in Federal taxes withheld. Zed and Jaffry have the following expenses for the year: Interest on a home equity loan taken out in 2018 (loan issued for $100,000, used solely for college education) $1,900 Interest on first mortgage (original loan balance $450,000) $11,400 Property taxes on personal residence $8,600 State income tax $7,200 State sales tax $3,900 What is Zed and Jaffrys taxable income?

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