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Matt and Anne Delorenzo are married and have 2 young children, ages 5 & 10 Income items are as follows: Salary - $107,300, Savings account

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Matt and Anne Delorenzo are married and have 2 young children, ages 5 & 10 Income items are as follows: Salary - $107,300, Savings account - Bank interest - $3,225, Passive loss (non-rental) - $9000 Stock transactions are Discovery Comm stock for a short-term gain of $16,000 and Richman Inc stock for a long-term loss of $27000. Their itemized deductions were mortgage interest of $16,550, real estate taxes of $8,770, and donations of $3,200. Also, the W-2s showed $14,150 being withheld for federal income tax. a. What is the AGI for the clients b. What is the taxable income for the clients c. Calculate the amount of tax liability d. What is the amount of net tax due/refund

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