Demarco and Janine Jackson have been married for $20$ years and have four children who qualify as their dependents

$($Damarcus$,$ Jasmine, Michael, and Candice$).$ The Jacksons file a joint tax return. The couple received salary income of

$$96,500$ and qualified business income of $$18,500$ from an investment in a partnership, and they sold their home this

year. They initially purchased the home three years ago for $$242,500$ and they sold it for $$292,500.$ The gain on the sale

qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $$18,200$ 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. $($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.