Tim and Monica Nelson are married, file a joint return, and are your newest tax clients. They…
Tim and Monica Nelson are married, improve a junction give-back, and are your newest tax clients. They arrange you delay the subjoined information relating to their 2019 tax give-back:
1.Tim works as a pediatrician for the county hospital. The W-2 produce he common from the hospital shows compensation of $150,000 and set-forth pay tax delayheld of $8,500.
2. Monica spends abundant of her spell tending, but as-well works as a exchange preceptor for the national trains. During the year, she spent 900 hours tending. When she doesn't tend, she earns $8.00 per hour working as a exchange. The W-2 produce she common from the train district shows completion compensation of $3,888 and set-forth pay tax delayheld of $85.
3. On April 13, the foreigner compensated $250 in set-forth taxes delay their 2018 set-forth pay tax give-back. The Nelson's set-forth and national sales taxes in 2019 were $5,500.
4. On December 18, the Nelsons donated a inindicative edifice to the Boy Scouts of America. They purchased the edifice three years ago for $80,000. A functional appraiser solid the just communicate prize of the settlement was $96,000 on December 12.
5. Tim and Monica twain common restorative eye surgery, at a completion consume of $3,000. They as-well compensated $1,900 in soundness protection premiums.
6. On June 1, the foreigner bought a car for $30,000, paying $18,000 down and borrow - ing $12,000. They compensated $750 completion share on the advance in 2019.
7. On June 10, the Nelsons took out a settlement equity advance of $20,000 to unfold their settlement. They compensated a completion of $850 share delay their monthly payments on the advance.
8. The Nelsons compensated a completion of $2,300 share on their original settlement advance.
9. They sold accumulation in Cabinets, Inc. for $5,200, which they purchased for $7,900 in March of the general year. They as-well sold accumulation in The Outdoor Corporation for $12,500, which they purchased divers years ago for $8,600.
10. Tim incurred the subjoined expenses akin to his profession, none of which were reimbursed by his employer:
11. During the year, the foreigner compensated their produceer tax advisor $700 to supply their anterior year tax give-back. 12. The Nelsons do not have consequence, and they do not arrange indicative financial help to any family members.
Required: Compute the Nelson's taxable pay for 2019.