Geraldine and Jorge are married and file a joint return. They have a 19-year-old son who is in college and qualifies as their dependent.

During the 2021 tax year, they had the following:

Wages from Geraldines job $50,000 with federal taxes withheld of $2,000

Gift from Jorges mother $10,000

Interest on a savings account $1,000

Real estate taxes paid $5,000

Utilities (electricity and water) paid for their home $4,000 Gift paid to their son $2,000

What is Geraldine and Jorges taxable income and tax liability for the year? Do they owe tax (tax due) or have they overpaid their tax (tax refund)?