Demarco and Janine Jackson have been married for $20$ years and have four children $($no children under age $6$ at year$-$end$)$ who qualify as their dependents $($Damarcus$,$ Jasmine, Michael, and Candice$).$ The couple received salary income of $$101,000$ and qualified business income of $$14,000$ from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $$220,000$ and they sold it for $$270,000.$ The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $$17,300$ of itemized deductions, and they had $$4,000$ 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 $18$ years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. Require:c$.$ What would their taxable income be if their itemized deductions totaled $$28,800$ instead of $$17,300?$d$.$ What would their taxable income be if they had $$0$ itemized deductions and $$7,600$ of for AGI deductions?e$.$ Assume the original facts but now suppose the Jacksons also incurred a loss of $$5,400$ on the sale of some of their investment assets. What effect does the $$5,400$ loss have on their taxable income?f$.$ Assume the original facts but now suppose the Jacksons own investments that appreciated by $$10,000$ during the year. The Jacksons believe the investments will continue to appreciate, so they did not sell the investments during this year. What is the Jacksons' taxable income?

$2022$ Tax Rate Schedules

Individuals

Schedule X$-$Single

$\backslash$table$[[$If taxable income is over:,But not over:,The tax is:$],[$$$,$$$10,275,10\%$ of taxable income$],[$$$10,275,$$$41,775,$$$1,027\mathrm{.}50$ plus $12\%$ of the excess over $$10,275$