For questions $6$ through $8,$ consider the following scenario. You may assume the standard deduction is

$$13,850$ for single individuals and $$27,700$ for married couples filing jointly. The $2023$ personal exemption

amount is $$4,700.$

In $2023,$ Stephan and Emily are married and they have two dependent daughters named Mia $(3$ years old$)$

and Lilly $($who was born on December $31,2023$ at $11$:$59$pm$)$ who live with them. The children qualify

Stephan and Emily for the Child Tax Credit $($a refundable credit$)$ of $$2,000$ each. During the year, Emily

earned $115,000$ in salary as a controller for the city of Redmond, WA and had $$20,500$ withheld from her

pay for federal income taxes. In addition to Emily's income, Stephan earned $$104,000$ as a software

engineer at Microsoft. Microsoft withheld federal income taxes in the amount of $$17,000$ from his

paychecks. As a family, they paid $$23,000$ in costs that are deductible as for$-$AGI deductions. Stephan and

Emily also paid $$25,500$ in total mortgage interest and property taxes $($both are itemized deductions$)$ for

the year. Stephan and Emily will file a joint tax return. Assume that Stephan and Emily pay tax at a flat

rate of $25\%.$

Adjusted Gross Income

Taxable Income

Tax Due $($Refund$)$