49. Zed and Jaffry are married and file jointly every year. They have 3 children...
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49. 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? Please explain why
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