Bruce and Alice are married taxpayers and filing a joint return), with no dependents. They are both employed by Lincoln College. They have the following items potentially pertaining to their federal income tax return for the current year: Total combined salary is $230,000. Lincoln College withheld $42,000 in federal income tax. Alice received a gift of 2,000 shares of Oz Corporation stock with a $100,000 FMV from Alice's mother. She also received $4,000 of qualified cash dividends from Oz Corporation. Bruce and Alice received $3,000 worth of interest income on bonds issued by the State of Maryland. Bruce received a regular stock dividend of 50 shares of Lily Co. stock with a FMV of $6,000. Lincoln College paid $12,000 of medical and health insurance premiums on behalf of Bruce and Alice. Alice received $13,000 in alimony from her ex- husband. They were divorced in 2014. Lincoln College provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. Alice received a $1,000 cash award from Lincoln College for being designated employee of the month for August Total itemized deductions for Bruce and Alice are $12,000. Required: Calculate federal tax due or refund due for Alice and Bruce. Bruce and Alice are married taxpayers and filing a joint return), with no dependents. They are both employed by Lincoln College. They have the following items potentially pertaining to their federal income tax return for the current year: Total combined salary is $230,000. Lincoln College withheld $42,000 in federal income tax. Alice received a gift of 2,000 shares of Oz Corporation stock with a $100,000 FMV from Alice's mother. She also received $4,000 of qualified cash dividends from Oz Corporation. Bruce and Alice received $3,000 worth of interest income on bonds issued by the State of Maryland. Bruce received a regular stock dividend of 50 shares of Lily Co. stock with a FMV of $6,000. Lincoln College paid $12,000 of medical and health insurance premiums on behalf of Bruce and Alice. Alice received $13,000 in alimony from her ex- husband. They were divorced in 2014. Lincoln College provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. Alice received a $1,000 cash award from Lincoln College for being designated employee of the month for August Total itemized deductions for Bruce and Alice are $12,000. Required: Calculate federal tax due or refund due for Alice and Bruce