Andy and Marcia Tufts, both age 35, are married with two dependent children and file a joint return. From the following information compute their taxable income for 2013.Andy’s salary 50,000Marcia’s salary 42,000Andy’s contribution to IRA( Assume IRA is deductible for AGI) 2,000Dividends received from domestic corp(Assume qualified) 950Medical expenses for doctors and hospitals 8,200Premiums for health insurance 2,600Prescription drugs and medicines 800Eyeglasses for one of the children 175Interest on home mortgage 7,800Interest on credit cards(It isn’t deductible. Is it included anywhere?) 300Real Property taxes on residence 2,300State income taxes 2,800Fee for preparation of tax returns 125Union Dues and subscription 480
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