please help me with this homework, and also help me to explain how can solve it with claiming a child?

Ch 4 Homework Help Sere & 1 Check my werk Part 1 of 2 Required information The following information applies to the questions displayed below! Demarco and Janine Jackson have been married for 20 years and have four children (no children under age at year end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $110,000 and qualified business Income of $11000 from en investment in a partnership, and they sold the home this year They initially purchased the home three years ago for $205,000 and they sold it for $255,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred 516 700 of temized deductions (no charitable contributions, and they had sooo withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at you and the Jacksons may claim a child tax credit for other qualifying dependents for Candice. Use the tax rate schedules 3 po och .. What is the Jacksons taxable income, and what is their tax lability or refund? (Do not round intermediate calculation) Amount $ 121000 Reference Description 11Grosincome (2) For Alone Add gross income (4) Sand deduction (5hemden (0) Greater of ander un reduction (7) Deontwed business con Total de consom All (9) Telenco (10) income taxe 110) Otheraxes 112) Total 121.000 25.100 16.700 20.100 2200 27.50 0700 2110 ol 12.111 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: s 0 $ 9,950 10% of taxable income S 9,950 $ 40,525 5995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 S4,664 plus 22% of the excess over 540,525 S 86,375 S 164,925 $14.751 plus 24% of the excess over 586,375 $ 164.925 S 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 S 523,600 47,843 plus 35% of the excess over $209,425 S 523,600 $157,804,25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 S1.990 plus 12% of the excess over $19,900 S 81,050 S 172.750 $9,328 plus 22% of the excess over $81,050 $ 172.750 S 329,850 S29,502 plus 24% of the excess over S172,750 S 329,850 S418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 S628,300 595,686 plus 35% of the excess over $418,850 S 628,300 $168.993.50 plus 37% of the excess over 5628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 S 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14.200 $ 54,200 $ 86,350 S6.220 plus 22% of the excess over $54,200 $ 86,350 $ 164,900 $13.293 plus 24% of the excess over $86,350 S 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 S 523,600 S46,385 plus 35% of the excess over $209.400 S 523,600 S156,355 plus 37% of the excess over S523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: s 0 $9.950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over S 9.950 S 40.525 $ 86,375 54,664 plus 22% of the excess over $40,525 $ 86,375 S 164.925 S14,751 plus 24% of the excess over $86,375 S 164,925 S 209,425 $33.603 plus 32% of the excess over $164.925 $ 209,425 S 314.150 S47,843 plus 35% of the excess over $209,425 S 314,150 $84.496.75 plus 37% of the excess over $314,150