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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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