Randy and Sharon Are Married and Have Two Dependent Children

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.)