58. Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA 23601. They file a joint return and have two dependent children, Charlene, age 17, and Jordan, age 18. Charlene's Social Security number is 123-45-6788, and Jordan's Social Security number is 123-45-6787. In 2020, Martin and Michele had the following transactions: a. Martin received $120,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes were as follows: $7,049 ($113,700 X 6.296) for Social Security and $1.740 ($120,000 x1,45%) for Medicare. Martin worked in Mexico from January 1, 2019, until February 15, 2020. His $120,000 salary for 2020 includes $18,000 he earned for January and one-half of February 2020 while working in Mexico. b. Martin and Michele received $400 interest on Montgomery County (Virginia) school bonds. c. Martin received $2,300 interest from a Bahamian bank account. d. Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $2,500 at the time Michele received them, and she did not have the option of receiving cash. e. Martin and Michele received a $1,200 refund on their 2019 Virginia income taxes, Their itemized deductions in 2019 totaled $34,000 and included state taxes of $7,400. f. Martin paid $6,600 alimony to his former wife, Rose T Morgan (Social Security number 123-45-6786). The divorce was finalized in 2016. g. Martin and Michele kept the receipts for their sales taxes paid of $1.100. h. Martin and Michele's itemized deductions were as follows: State income tax paid and withheld totaled $5.100. Real estate taxes on their principal residence were $3.700. Mortgage interest on their principal residence was $2,500, Cash contributions to the church totaled $2.800. Part 1 Tax Computation Compute the Alberts net tax payable Cor refund due) for 2020, Part 2 Tax Planning The Alberts are considering buying another house. Their house mortgage payments would increase by $500 (to $1,500) per month, which includes a $250 increase in interest and a $100 increase in property tax. The Alberts would like to know how much the mortgage payments would increase net of any change in their income tax. Write a letter to the Alberts that contains your advice