JOHN SALARY MARY SALARY DIVIDEND INCOME GIFT FROM UNCLE LUIGI CAPITAL GAIN CAPITAL LOSS BUSINESS...

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JOHN SALARY MARY SALARY DIVIDEND INCOME GIFT FROM UNCLE LUIGI CAPITAL GAIN CAPITAL LOSS BUSINESS INCOME BUSINESS EXPENSES RENTAL INCOME RENTAL EXPENSES MUNICIPAL BOND INTEREST IRA PAYMENT DEPENDENCY EXEMPTIONS (child 14 yers of age) (child 19 yers of age) ITEMIZED DEDUCTION FEDERAL TAX PAID COMPUTE: ALL INCOME GROSS INCOME ADJUSTED GROSS INCOME TAXABLE INCOME NET TAX LIABILITY 25,000 60,000 6,000 10,000 6,000 (10,000) 40,000 17,000 22,000 22,000 6,000 12,000 2 19,000 7,000

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