Problem 1Mr. and Mrs. Black are married and file a joint tax return. Mr. Black is 53 years old; Mrs. Green is 52 years old. During year 1 his gross income was $86,150, her gross income was $90,000, and their itemized deductions were $20,000. They supported their 23-year old son and 21-year old daughter-in-law who are both full-time college students. Their son and daughter-in-law filed separate tax returns. Their son had earned income of $3,200 from a part-time job, and their daughter-in-law had earned income of $5,300 from a part-time job. They also supported their 24-year old daughter who is a full-time college student and had earned income of $3,500 from a part time job. They also supported their 17-year old son who had earned income from a part-time job of $6,700 and interest income of $800. They also supported their 13-year old daughter who had interest income of $5,000.

Required:

1. Determine which individuals qualify as dependents on Mr. and Mrs. Blacks year 1 tax return.

2. Determine the amount of tax on Mr. and Mrs. Blacks year 1 tax return. Be sure to indicate which individuals qualify as their dependents.