Martin S$.$ Albert $($Social Security number $111-11-1111)$ is $39$ years old and is married to Michele R$.$ Albert $($Social Security number $123-45-6789).$ The Alberts live at $512$ Ferry Road, Newport News, VA $23601.$ They file a joint return and have two dependent children, Charlene, age $16,$ and Jordan, age $18.$ Charlene's Social Security number is $123-45-6788,$ and Jordan's Social Security number is $123-45-6787.$ In $2024,$ Martin and Michele had the following transactions:

Michele received $$140,000$ in salary from Red Steel Corporation, where she is a construction engineer. Withholding for Federal income tax was $$10,750.$ The proper amounts of FICA taxes $($Social Security and Medicare$)$ were withheld. Michele worked in Mexico from January $1,2023,$ until February $15,2024.$ Her $$140,000$ salary for $2024$ includes $$18,000$ she earned for January and one$-$half of February $2024$ while working in Mexico.

Martin and Michele received $$400$ interest on Montgomery County $($Virginia$)$ school bonds.

Martin received $$2,300$ interest from a Bahamian bank account.

Michele received $50$ shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $$2,500$ at the time Michele received them, and she did not have the option of receiving cash.

Martin and Michele received a $$1,200$ refund on their $2023$ Virginia income taxes. Their itemized deductions in $2023$ totaled $$38,000$ and included state taxes of $$8,400.$

Michele paid $$6,600$ alimony to her former husband, Benjamin P$.$ Morgan $($Social Security number $123-45-6786).$ The divorce was finalized in March $2016.$

Martin and Michele kept the receipts for their sales taxes paid of $$1,100.$

Martin and Michele's itemized deductions were as follows:

State income tax paid and withheld totaled $$5,100.$

Real estate taxes on their principal residence were $$3,700.$

Mortgage interest on their principal residence was $$6,500.$

Question Content Area

Compute the Alberts' net tax payable $($or refund due$)$ for $2024.$

Salary $fill in the blank $0$a$566701$cfb$700$c$\_1$

$140,000$

Less: Foreign earned income exclusion fill in the blank $0$a$566701$cfb$700$c$\_2$

$142,096$

Interest on Bahamian account fill in the blank $0$a$566701$cfb$700$c$\_3$

$2,300$

State income tax refund fill in the blank $0$a$566701$cfb$700$c$\_4$

$1,200$

Gross income $fill in the blank $0$a$566701$cfb$700$c$\_5$

Less: Deductions for adjusted gross income:

Alimony paid fill in the blank $0$a$566701$cfb$700$c$\_6$

$6,600$

AGI $fill in the blank $0$a$566701$cfb$700$c$\_7$

$142,095$

Less: Standard deduction fill in the blank $0$a$566701$cfb$700$c$\_8$

$29,200$

Taxable income $fill in the blank $0$a$566701$cfb$700$c$\_9$

Tax