Blake and Valerie Meyer $($both age $30)$ are married with one dependent child $($age $5).$

Blake$$s gross salary from his corporate employer was $$70,000,$ and his Section $401($k$)$ contribution was $$6,300.$

Valerie$$s salary from GuiTech, an S corporation, was $$29,400.$

Valerie owns $16$ percent of GuiTech$$s outstanding stock. Her pro rata share of GuiTech$$s ordinary business income was $$13,790,$ her pro rata share of GuiTech$$s net loss from rental real estate was $$8,100,$ and she received a $$7,000$ cash distribution from GuiTech. The ordinary income from GuiTech is qualified business income.

Blake received a $$15,000$ cash gift from his grandmother.

Valerie won $$6,400$ in the Maryland state lottery.

The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $$712$ qualifying dividend and a $$3,020$ long$-$term capital gain.

Blake paid $$12,000$ alimony to a former spouse under a divorce agreement executed in $2011.$

The Meyers paid $$17,200$ home mortgage interest on acquisition debt and $$2,780$ property tax on their personal residence.

The Meyers paid $$7,000$ state income tax and $$4,200$ state and local sales tax.

Valerie contributed $$1,945$ to the First Baptist Church.

Required:

On the basis of the above information, compute the Meyers$2023$ federal income tax $($including any AMT$)$ on their joint return. Assume the taxable year is $2023$

Individual Tax Rate Schedules

Married Filing Jointly and Surviving Spouse

If taxable income is The tax is

Not over $$22,00010\%$ of taxable income

Over $$22,000$ but not over $$89,450$ $$2,200\mathrm{.}00+12\%$ of excess over $$22,000$

Over $$89,450$ but not over $$190,750$ $$10,294\mathrm{.}00+22\%$ of excess over $$89,450$

Over $$190,750$ but not over $$364,200$ $$32,580\mathrm{.}00+24\%$ of excess over $$190,750$

Over $$364,200$ but not over $$462,500$ $$74,208\mathrm{.}00+32\%$ of excess over $$364,200$

Over $$462,500$ but not over $$693,750$ $$105,664\mathrm{.}00+35\%$ of excess over $$462,500$

Over $$693,750$ $$186,601\mathrm{.}50+37\%$ of excess over $$693,750$

Married Filing Separately

If taxable income is The tax is

Not over $$11,00010\%$ of taxable income

Over $$11,000$ but not over $$44,725$ $$1,100\mathrm{.}00+12\%$ of excess over $$11,000$

Over $$44,725$ but not over $$95,375$ $$5,147\mathrm{.}00+22\%$ of excess over $$44,725$

Over $$95,375$ but not over $$182,100$ $$16,290\mathrm{.}00+24\%$ of excess over $$95,375$

Over $$182,100$ but not over $$231,250$ $$37,104\mathrm{.}00+32\%$ of excess over $$182,100$

Over $$231,250$ but not over $$346,875$ $$52,832\mathrm{.}00+35\%$ of excess over $$231,250$

Over $$346,875$ $$93,300\mathrm{.}75+37\%$ of excess over $$346,875$

Head of Household

If taxable income is The tax is

Not over $$15,70010\%$ of taxable income

Over $$15,700$ but not over $$59,850$ $$1,570\mathrm{.}00+12\%$ of excess over $$15,700$

Over $$59,850$ but not over $$95,350$ $$6,868\mathrm{.}00+22\%$ of excess over $$59,850$

Over $$95,350$ but not over $$182,100$ $$14,678\mathrm{.}00+24\%$ of excess over $$95,350$

Over $$182,100$ but not over $$231,250$ $$35,498\mathrm{.}00+32\%$ of excess over $$182,100$

Over $$231,250$ but not over $$578,100$ $$51,226\mathrm{.}00+35\%$ of excess over $$231,250$

Over $$578,100$ $$172,623\mathrm{.}50+37\%$ of excess over $$578,100$

Single

If taxable income is The tax is

Not over $$11,00010\%$ of taxable income

Over $$11,000$ but not over $$44,725$ $$1,100\mathrm{.}00+12\%$ of excess over $$11,000$

Over $$44,725$ but not over $$95,375$ $$5,147\mathrm{.}00+22\%$ of excess over $$44,725$

Over $$95,375$ but not over $$182,100$ $$16,290\mathrm{.}00+24\%$ of excess over $$95,375$

Over $$182,100$ but not over $$231,250$ $$37,104\mathrm{.}00+32\%$ of excess over $$182,100$

Over $$231,250$ but not over $$578,125$ $$52,832\mathrm{.}00+35\%$ of excess over $$231,250$

Over $$578,125$ $$174,238\mathrm{.}25+37\%$ of excess over $$578,125$

Tax rates for capital gains and qualified dividends

Rate Married Filing Jointly Married Filing Separately Single Head of Household

$0\%*$ $$0$ $$89,250$ $$0$ $$44,625$ $$0$ $$44,625$ $$0$ $$59,750$

$15\%**$ $$89,251$ $$553,850$ $$44,626$ $$276,900$ $$44,626$ $$492,300$ $$59,751$ $$523,050$

$20\%$ $$553,851+$ $$276,901+$ $$492,301+$ $$523,051+$

$*$ The highest income amount in this range for each filing status is referred to as maximum zero rate amount.

$**$ The highest income amount in

this range for each filing status is referred to as maximum $15-$percent amount

Married filing jointly and surviving spouses $$27,700$

Married filing separately $13,850$

Head of household $20,800$

Single $13,850$