Mr. and Mrs. Hunt have the following tax information for 2022 and file a joint return [Note: do NOT consider AMT when preparing the solution to this problem]:

A. Compute their Adjusted Gross Income.
B. Assume AGI is $280,000. Compute their taxable income.
C. Assume taxable income is $230,000. Compute their regular income tax liability.
D. Assume total tax liability is $48,000. What is the net tax due or tax refund?

20. Mr. and Mrs. Hunt have the following tax information for 2022 and file a joint return [Note: do NOT consider AMT when preparing the solution to this problem]