a. assuming clays adjusted gross income is $122,500, what is clays taxable income?

b.what is clays tax liability?

c. what is clays taxes payable or refund due? (ignore alternative min tax)

Taxable Liablity/Credits During all of 2020, Mr. and Mrs. Clay lived with their four children (all US Citizen's under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2020. They had the necessary health insurance provided by the employer. Neither is blind and both are under age 65. They reported the following tax-related information for the year 2020: Income: Salary S130000 Radio Prize 2500 Expenses: Home Real Estate Taxes 2700 Alimony pd (2002 decree) 10000 State income taxes withheld 1800 State sales taxes paid 1750 Federal Income taxes paid 4500 Qualified Home mort. interest 4000 Charitable Contributions 2500