Demarco and Janine Jackson's address is $19010$ N$.$W$.135$th Street, Miami, FL $33054.$

Social security numbers:

Demarco: $123-45-6789$ Janine: $234-56-7890$

Son: Damarcus: $345-67-8901$

Daughter: Jasmine : $456-78-9012$

Son: Michael : $567-89-0123$

Daughter: Candice: $678-90-1234$

Enter any non$-$financial information, $($e$.$g$.$ Names, Addresses, social security numbers$)$ EXACTLY as they appear and the order in

which they appear in any given information or Problem Statement. Input all the values as positive numbers. Use $2024$ tax laws

and $2023$ tax form. Do not round your intermediate calculations. Round final answers to the nearest whole dollar amount. Neither

Demarco nor Janine wish to contribute to the Presidential Election Campaign fund or had any virtual currency transactions or

interests.

Complete Form $1040,$ page $1,$ page $2,$ and Schedule $1.$

Form $1040$ Page $1$ and $2.$Required information

$[$The following information applies to the questions displayed below.$]$

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

$$98,500$ and qualified business income of $$16,500$ from an investment in a partnership, and they sold their home this year.

They initially purchased the home three years ago for $$232,500$ and they sold it for $$282,500.$ The gain on the sale

qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $$17,800$ 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.

fill out the forms.