Ralph and Betty Ingram are married and have two children Custom Essay

Ralph and Betty Ingram are married and have two children. Ralph is putting together some figures so he can prepare the Ingram’s joint 2008 tax return. He can claim four 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 50,700
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 Ralph to 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 Ingrams have in 2008? (Note: Assume that Ralph is covered by a pension plan where he works, the standard deduction amount for married filing jointly ($10,900) applies, and each exemption claimed is worth $3,500.)