Answer all questions

s. consider a married couple, Bono and Brittany, with the folowing information for the 2014 tax year sono had $74000ingross wages from his job with the local mining company and had withholdings from his paycheck of the required FICA taxes and $10,000 in prepaid federal income taxes Bono and Brittany have a small band called B&8 (their band name), that they play with in their spare time which is popular locally and from that, they net $14,000 after expenses. They run this as a sole proprietorship in Bono's name. Bono had wealthy grandparents who left him a trust. The trust pays out all of its earnings each year to Bono and this year the trust paid out $11,000. 8&8 have the following itemized deductions: mortgage interest, $6,000, charitable contributions $4,000, and local propert y taxes of $2,000. In addition, Brittany's mother lives with them as a dependent and they provide all of her support (She is not old enough to get social security payments yet). Answer the questions below. Each will be graded independently so do not worry about an incorrect answer in one problem affecting no) and show all another. To get full credit, explain your answers fully (not just yes or relevant calculations. Each question is worth 4 points unless otherwise stated. a) a) What is B&B's income from all sources? b) How much additional FICA is due (if any)? (8 points) c) What is their reportable AGI? (8 points) d) Should they itemize or take the standard deduction? e) What is the total for their personal and dependent exemptions? 1) How much is their taxable income? 8) Compute the total tax due from the tax schedule. h) What is the net amount due that they will have to pay in income taxes (or get refunded)