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Demarco and Janine Jackson have been married for 2 0 years and have four children ( no children under age 6 at yearend ) who
Demarco and Janine Jackson have been married for years and have four children no children under age at yearend who qualify as their dependents Damarcus Jasmine, Michael, and Candice The couple received salary income of $ and qualified business income of $ from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $ and they sold it for $ The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $ of itemized deductions, and they had $ withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. Use the tax rate schedules.
a What is the Jacksons' taxable income, and what is their tax liability or refund
Note: Do not round intermediate calculations.
tableDescriptionAmount Gross income, For AGI deductions, Adjusted gross income, Standard deduction, Itemized deductions, Deduction for qualified business income, Total deductions from AGI, Taxable income, Income tax liability, Other taxes, Total tax, Credits, Prepayments,
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