Jacob is preparing his taxes. His W-2 from work shows gross income for the year of ($
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Jacob is preparing his taxes. His W-2 from work shows gross income for the year of \(\$ 39,885\). He also has a 1099-INT for a savings account, amounting to \(\$ 378\). Jacob also deposited \(\$ 2,500\) into a tax-deferred retirement plan. He also qualified for \(\$ 2,000\) in child tax credits and \(\$ 4,000\) in child and dependent care tax credit. Based on this information, how much tax does Jacob owe or how much does he receive in a refund?
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