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 $99,500 and qualified business income of $15,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $227,500 and they sold it for $277,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,600 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.) \begin{tabular}{|l|r|} \hline \multicolumn{1}{|c|}{ Description } & \multicolumn{2}{|c|}{ Amount } \\ \hline (1) Gross income & $ \\ \hline (2) For AGI deductions & 115,000 \\ \hline (3) Adjusted gross income & \\ \hline (4) Standard deduction & \\ \hline (5) Itemized deductions & \\ \hline (6) Greater of standard deduction or itemized deductions \\ \hline (7) Deduction for qualified business income \\ \hline (8) Total deductions from AGI & \\ \hline (9) Taxable income & \\ \hline (10) Income tax liability & \\ \hline (11) Other taxes & \\ \hline (12) Total tax & \\ \hline (13) Credits & \\ \hline (14) Prepayments & \\ \hline Tax refund with tax return & \\ \hline \end{tabular}