(6) Greater of standard deduction or itemized deductions

(6) Lesser of standard deduction or itemized deductions

(15) Tax due with tax return

(15) Tax refund with tax return

Required information Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at yearend) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $96,500 and qualified business income of $18,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $242,500 and they sold it for $292,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,200 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is the Jacksons' taxable income, and what is their tax liability or (refund)? Note: Do not round intermediate calculations. ! Required information \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Description } & Amount \\ \hline (1) Gross income & \\ \hline (2) For AGl deductions & \\ \hline (3) Adjusted gross income & \\ \hline (4) Standard deduction & \\ \hline (5) Itemized deductions & \\ \hline (7) Deduction for qualified business income & \\ \hline (8) Total deductions from AGI & \\ \hline (9) Taxable income & \\ \hline (10) Income tax liability & \\ \hline (11) Other taxes & \\ \hline (12) Total tax & \\ \hline (13) Credits & (14) Prepayments \\ \hline \end{tabular} 2022 Tax Rate Schedules Individuals Srhadula Y_Sinala Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$ & $10,275 & 10% of taxable income \\ \hline$10,275 & $41,775 & $1,027.50 plus 12% of the excess over $10,275 \\ \hline$41,775 & $89,075 & $4,807.50 plus 22% of the excess over $41,775 \\ \hline$89,075 & $170,050 & $15,213.50 plus 24% of the excess over $89,075 \\ \hline$170,050 & $215,950 & $34,647.50 plus 32% of the excess over $170,050 \\ \hline$215,950 & $323,925 & $49,335.50 plus 35% of the excess over $215,950 \\ \hline$323,925 & & $87,126.75 plus 37% of the excess over $323,925 \\ \hline \end{tabular}