Chapter 5 Individual Homework Assignment Note: Please type your name, section number, and CWID at the top of the "Homework Calculations" tab. Please show all work, including the income tax formula components, on the "Homework Calculations" tab. Paul and Susana Martinez are married with three children, all of whom live at home. The children are ages 6, 5, and 3. Paul is the vice president of Community Hospital, and his annual salary is $87,500. Community Hospital provides all of its employees with free group-term life insurance (550,000 in coverage) and free medical and dental health insurance coverage. Paul's health insurance cost Community Hospital $6,500. The hospital's cost of his group term life insurance coverage was $4,000. Community Hospital offers a 401(k) plan for its employees, and Paul elected to contribute $2,000 in 2020. Community Hospital matched his contribution on a dollar for dollar basis. Paul had federal income tax withholding of $13,500 for the current year. In August, Paul was recognized for 20 years of employment with the hospital. Paul received a watch worth $150 and a $600 cash payment. Susana is a part-time interior designer, and she received 3,000 of fees from her clients during 2020. (She is considered to be a sole proprietor. She is also a 20% partner in a partnership which operates a home furnishing store. She received a $1,000 cash distribution from the partnership this year, and the total partnership net income for 2020 was $30,000 The three children are from Susana's first marriage. Sue continues to receive child support from her former husband. Child support totaled $12,000 for the current year, and her former husband does not pay alimony. Susana's divorce was finalized in 2018. Paul and Susana received interest income of $300 from a savings account, $200 from a US Treasury bond, and $200 from a bond issued by the City of Tuscaloosa. Also during the year, Susana received a cash gift of $12,000 from her parents, and Paul won $500 at a slot machine in Biloxi in February Paul purchased 1,000 shares of ABC Corporation stock at the beginning of the year for $100 per share. The stock is currently trading at $95 per share. Deductions for AGI, which include the deduction for self-employment tax, total $4,500. Itemized deductions total $10,000 for the current year. Paul and Susana qualify for a $6,000 child tax credit for the three children. Recall that the standard deduction for married filing jointly taxpayers in 2020 is $24,800, Calculate the following: gross income, adjusted gross income taxable income tax liability, and tax due/refund for the current year. You must use the individual income tax formula format for your solution and show all work in order to obtain any points for this