Calculate the tax liability for Cadence and Clark Carter for 2020 based on the following information.

SHOW ALL YOUR WORKCadence and Clark Carter file married joint. Information for 2020:

Salary $200,000

State of New York Interest $10,000

Treasury bill interest $20,000

Gift from Cadence's mother $40,000

Sole Proprietorship income $50,000 ( Landscaping business)

Clark inherited $100,000 from his great grandfather

Long term Capital Gain $60,000

Unemployment income $20,000

Workmen's compensation $30,000

Legal Settlement for a broken ankle $100,000

Cadence found a bracelet worth $20,000 on the beach.

Clark's sister Cai, repaid a $20,000 loan from 2011.

Cadence won $10,000 at bingo.

Contribution to Health savings account $ 1,000

Self-employment tax $4,000

Alimony paid $10,000. The divorce was finalized in 2006.

Medical Expenses $40,000

Real estate taxes $20,000

State income tax $25,00

Mortgage interest $60,000, the $3,000,000 mortgage was signed in 2010. Donation to American Kidney Society $40,000

Information for extra Credit: Calculate tax credits:

Cadence and Clark have 4-year-old triplets Caia, Coral, and Chrysanthemum. The Clarks paid The Locust Day School $15,000 to watch their children while they worked. The lower-earning spouse earned $70,000 in 2020.