Demarco and Janine Jackson have been named for 20 years and have four children who qualify as their dependents DamarcusJasmine Michael, and Candice The Jacksons file a joint tax returnThe couple received salary income of $ 95.000 and qualified business Income of $ 20,000 from an investment in a partnership, and they sold their home this yearThey purchased the home three years ago for $ 250,000 and they sold it for $300,000 The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18.500 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 childrenHowever, because Candice was 18 years of age at year endthe Jacksons may claim a child tax credit for other qualifying dependents for Candice (Use the tax rate schedules Required: What would their taxable income be if deductions totaled $30,000 instead of $18,500? What would their taxable income be they had deductions and 10,000 of for AGI deductions? Assume the original facts but now suppose the Jacksons also incurred a loss of $6,000 on the sale of some of their investment assetsWhat effect does the $6,000 loss have on their taxable income? 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 appreciateso they did not sell the investments during this yearWhat is the Jacksons taxable income ? Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: 022,000 10% of taxable income 22,000 89,450 2.200 plus 12% of the excess over $22,000 89,450 190,750 10,294 plus 22% of the excess over 89,450 190,750 364,200 32,580 plus 24% of the excess over $190,750 364,200 462,500 74,208 plus 32% of the excess over $364,200 462,500 S 693,750 105,664 plus 35% of the excess over 462,500 S 693.750 186,601.5 plus 37% of the excess over 693.750 Standard deduction for married from jointly Is $27,000 the child tax credit remains at a maximum of $2,000 per child Required CRequired DRequired E Required F What would their taxable income be if their itemized deductions totaled $30,000 instead of $18,5007 Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income () Total deductions from AGI Taxable income Required CRequired DRequired E Required F What would their taxable income be if their itemized deductions totaled $30,000 instead of $18,5007 Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income () Total deductions from AGI Taxable income Required Required D Required E Required What would their taxable income be if they had 0 itemized deductions and $ 10,000 of for deductions ? Description Amount ( ) Gross income ( 2) For AGI deductions ( 3) Adjusted gross income ( ) Standard deduction ( ) Hemized deductions () Greater of standard deduction or itemized deductions () Deduction for qualified business income () Total deductions from AGI Taxable income Assume the original facts but now suppose the Jacksons also a of $6,000 on the sale of some of their investment What effect does the 6,000 loss have on their taxable income Decrease in taxable income 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 yearWhat is the Jacksonstaxable income? Show less Taxable income