Question
PLEASE USE 2021 TAX RATES Demarco and Janine Jackson have been married for 20 years and have four children (no children under age S at
PLEASE USE 2021 TAX RATES
Demarco and Janine Jackson have been married for 20 years and have four children (no children under age S at year- end) who qualify as their dependents (Damarcus. Jasmine. Michael. and Candice). The couple received salary income of $101,400 and quaffed business income of SIO.COO from an investment in partnership. and they sold their tome this year They initially purchased tine home three years ago for S228.COO and they sold for 5320.000. The gain on the sale qualified for tine exclusion from the sale of a principal residence. The Jacksons incurred $17,900 of itemized deductions (no charitable contributions). and they had Sl.COO withheld from their paychecks for federal taxes. They are also allowed to claim child tax credit for each of their children However. because Candice was 18 years of age at year end. the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (I-Ise the tax rate schedu"es_) a. What is the Jacksons' taxable income. and what is their tax liability or (refund)? (Do not round Intermedlete "Iculatlons.) (3) Adjustes (4) Styndsrd (5) Itemil [7) for guylif. (0) in lisbility Total prepayments
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