comprehensive problem, Jennifer and Janson Greco are married and file a joint tax return. Their two dependent children (ages 14 and 16) both live in at home. The Grecos have the following income and expenses

Income

Jennifers salary 120,000

Jasons net profit from his sole proprietorship 148,000

Interest income on state of taxes bonds 10,000

Interest income on corporate bond 12,000

Cash dividend 19,000

Long term capital gain from state of stock 70,000

Expenses

Interest on the 850,000 principal from their Home acquisition mortgage 48,000

Real property taxes on their home 11,000

Charitable contributions to their church 49,000

Federal income tax withheld from jenifers salary 35,000

Estimated federal tax payments for this year 30,000

What is their adjusted gross income and taxable income for 2015?

What is their net tax due or refund expected for 2015?

Using the total tax you compound in part b, what is their effective tax rate as a percentage of their adjusted gross income?