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Lo Lo and Lawrence Lancaster file married Joint Calculate tax liability before tax credits based...

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Accounting

Lo Lo and Lawrence Lancaster file married Joint Calculate tax liability before tax credits based on the following information:

Salary:

LoLo $90,000

Lance $70,000

Interest on City of Los Angeles bonds $10,000

Treasury bill interest $20,000

Gift from LoLos sister Lia $20,000

Dividends $10,000

Lance inherited $40,000 from his great uncle Luther.

Long term capital gain $50,000

Sole proprietorship income $100,000

LoLo broke her arm in a fall at Sears and received a legal settlement of $100,000

Lance found a rare coin worth $10,000 on the beach

Unemployment compensation $20,000

LoLos sister Lara repaid a $20,000 loan from 2012

Lance won $5,000 in a football pool at work.

LoLo won a bowling tournament and won $5,000

Contribution to Health Savings Account $1,000

Mortgage interest paid $30,000.

The $4,000,000 mortgage was signed in 2016

Contribution to Individual Retirement Account. $1,000

Self Employment tax $ 2,000

Real estate tax $10,000

Medical Expenses $30,000

Penalty for early withdrawal from a timed savings account $1,000

Student Loan interest $2,000

Charitable contribution to American Heart Association $20,000

State Income Tax $25,000

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