Lucy and Richard Smith are a married and have one dependent child, Miu who is 5 years old. The Smith's live in Texas where there is no state income tax, and all are U.S. citizens. Financial Information Richard' Salary as a marketing executive Lucy's Salary as a merchandising consultant Unemployment Compensation Interest Income from corporate bonds Interest Income from Wells Fargo CDs Interest Income from State of Texas Bonds Scholarship for Lucy (educational expenses = $6,325) Inheritance from Grandmother Gift from uncle Annuity Payments (investment=$30K, payout=120K) Long-term capital gains Dividends from Microsoft (Qualifying) Roth IRA contribution for Richard Roth IRA contribution for Lucy Mortgage Interest - Principal ($1,500,000) Charitable Contributions to St. Ludmila's Church $42,200 Noncash charitable contribution to Cancer Society $4,500 Un-reimbursed payments to medical doctors Payments for non-prescriptions drugs (aspirin, allergy) Investment interest expense Non-cash contribution of clothing to goodwill Real Estate Taxes - residence Federal Income tax withholding $395.000 (Medicare withheld at 1.45%) $222,000 (Medicare withheld at 1.45%) $8,000 $16,000 $5,250 $5,500 $7,500 (Lucy went back to school) $550,000 $175,000 $36,000 $32,000 $18,350 $5,000 $5,000 $72,000 (Mortgage origination 2018) $67,500 (Richard is fighting cancer) $3,250 $62,250 $4,000 $18,250 $150,000 Questions Please prepare the case study using Excel 1. What is the Smith's gross income for 2019? 2. What is the Smith's adjusted gross income for 2019? 3. What is the Smith's itemized deductions for 2019? 4. What is the Smith's taxable income for 2019? 5. What is the Smith's tax liability for 2019? 6. What is the Smith's refund or tax due for 2019