Business, 04.06.2020 06:57 Conner4600

Justin, age 52 and Jamie, age 49 live in California, are married, and file a joint return. Their combined salary for 2019 is $200,000. During 2019, their stock portfolio generated $1,500 in qualified dividends and $500 in non-qualified dividends. They also earned $1,000 on US treasuries. They received a $1,000 state tax refund in 2019. Additionally, Justinâ€™s employer provided Justin with a cafeteria plan. The plan provided $5,000 to use towards health insurance and dental insurance. Justin opted out of the coverage and took the cash because Jamieâ€™s employer provided coverage for both her and her spouse. In 2018, Justin and Jamie itemized their deductions, which were $24,500. In 2019, they paid $9,000 in state income tax, $14,000 in mortgage interest and $3,000 in property tax. What is their taxable income? a. $182,500 b. $177,000 c. $184,100 d. $183,600 e. None of the choices listed are correct.

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