Question:

1. Carrie and Stephen have gross salary and wages of $76,000 in 2011 and file a joint return. They have one dependent child, itemized deductions of $13,200, and a $240 child care credit. Determine their taxable income and their tax liability.

2. If a three-month term deposit at a bank pays a simple interest rate of 1.5%, how much will have to be deposited to earn $100 of interest?

Please explain the both answer and do not copy from Chegg. Otherwise, I have to report the answer.