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please use 2023 tax data Required information Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed
please use 2023 tax data Required information Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo) [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 6 at yearend) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income-of $94,000 and qualified business income of $21,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $255,000 and they sold it for $305,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,700 of itemized deductions, and they had $4,000 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 year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) 2022 Tax Rate Schedules Individuals I. Sehadula V_1-Marriad Filina Inintlv ar nualifuina V/idnu/am) a. What is the Jacksons' taxable income, and what is their tax liability or (refund)? Note: Do not round intermediate calculations
please use 2023 tax data
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