Randy and Sharon Are Married and Have Two Dependent Children

question 10

Essay

Randy and Sharon are married and have two dependent children.Their 2019 tax and other related information is as follows:
$\begin{array}{|l|r|}\hline \text { Total salaries } & \$ 160,000 \\\hline \text { Bank account interest income } & 3,5000 \\\hline \text { Municipal bond interest income } & 1,500 \\\hline \text { Value of emplover provided medical insurance } & 12,500\\\hline \text { Employerpaid premiums for } \$ 50,000 \text { of group term life insurance } & 5,500 \\\hline \text { Dividend income from ABC stock } & 2,000 \\\hline \text { Loan from Randy's parents } & 5,000 \\\hline \text { Gift from Randy's parents } & 15,000 \\\hline \text { Gain from the sale of qualified small business stock acquired in } 2008 & 18,000 \\\hline \text { Total itemized deductions } & 27,000 \\\hline\end{array}$ Compute Randy and Sharon's taxable income.(Show all calculations in good form.)

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Definitions:

Lumbar Curvature

The inward curve of the lumbar spine (lower back), which is a natural part of the spine's shape.

Sacral Curvature

The natural inward curvature (lordosis) of the sacral spine region that contributes to the overall S-shape of the spinal column.

Thoracic Curvature

The natural curve of the thoracic spine, which is convex in shape when viewed from the side.

Cervical Curvature

This refers to the slight inward curve of the cervical spine, also known as the neck region of the spine.