Federal tax

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UEHE1RULES &TAXRATE SCHEDULES FOR THIS HOMEWORK PROBLEM John (age 66) and Mary (age 59) Smith are married and federal tax return. They have 2 dependent children in coll 22. John and Mary have the following information for 2018:s file a joint ege ages 20 & Income: $120,000 $ 80,000 John's Salary Mary's Salary Interest Income from taxable bonds 8,0 Proceeds from a life insurance policy $50,000 (John's aunt passed away) Deductions: Alimony paid to Mary's ex-spouse $25,000-n=l(3,000 (pre 1/1/19 divorce) Itemized deductions Charitable donations NJ State Income Tax Real Estate Taxes $ 5,000 $ 11,000 $ 9,000 John had $ 19,500 in federal withholding tax withheld from his pay, while Mary had 12,000 withheld. A-Calculate the Smith's 2018 Gross income, poogm B - Calculate the Smith's 2018 AGI 18.400 C -Calculate the Smith's 2018 Taxable Income D- Calculate the Smith's refund or balance due