Bob and Amy are married and earned salaries this year of $84,000 and $86,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,500 from corporate bonds and $2,000 from long-term capital gains. Bobs mother died this year and he collected $30,000 from her insurance policy as he was the beneficiary. Amy received $3,000 in short-term disability for a month off from work due to a back injury. Her employer had paid the premium on her behalf and she had not elected to include the premiums in her income. The couple spent a weekend in Atlantic City in November and came home with gambling winnings of $3,200. Bob and Amy have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Bob and Amy are allowed to claim a $2,000 child tax credit for Matthew. Bob and Amy paid $20,000 of expenditures that qualify as itemized deductions and they had a total of $10,500 in federal income taxes withheld from their paychecks during the course of the year.

What is Bob and Amys gross income?

What is Bob and Amys adjusted gross income?

What is the total amount of Bob and Amys deductions from AGI?

What is Bob and Amys taxable income?

What is Bob and Amys taxes payable or refund due for the year (use the tax rate schedules 2023)?