Question 10 12 pts Jackson (54) and Audrey (55) Scott are married. Jackson makes 125,000 annually from his full-time job as a plumber. Audrey makes $55,000 from her full-time job as an executive assistant. Jackson's employer provides its employees several benefits to keep its pay packages competitive and employees engaged. All employees are eligible to participate in the company's qualified heathcare insurance plan. Each employee's premiums are $2,000 per year, entirely paid for by the firm. In addition, the firm provides educational assistance, a gym membership to a gym of the employee's choice, and funds up to $20,000 for childcare for all employees. Jackson has taken advantage of many of these benefits during the year. He belonged to a gym for the entire year that cost $100/month and took some college classes that his employer paid for at a cost of $6,000. Audrey's father passed away in December 2019 and left Audrey stock and municipal bonds. She received the inheritance in January 2020. The stock had an adjusted basis of $5,000 and FMV of $10,000 on the date of transfer. Audrey received $500 in non-qualified (i.e., ordinary) dividends from the stock in December 2020. The municipal bonds had an adjusted basis of $500 and a FMV of $700 on the date of transfer. Audrey received $50 in interest from the bonds. When Audrey's father passed away in 2019, Audrey's mother moved in with the family. Her mother has no income, so the Scott's provide her full support. Jackson has three kids from a previous marriage with Donna (divorce occurred in 2010). Donna has full custody of two of the children. Jackson pays Donna $100,000 in alimony and $200,000 in child support annually. Their third child, Sally, is 19 and in college who lives independently full-time. This year, Jackson needed to replumb his house. He did a lot of the work himself, but the company also provided another employee to help him out free of charge to Jackson. It would have cost a normal customer $2,500 for the employee's services. The Scotts paid $10,000 in estimated federal income tax payments during the year and had $50,000 of federal income taxes withheld from their pay. During March of 2020, the Scott's receive a $5,000 refund from the state of Ohio because they overpaid their 2019 state income taxes. They had $35,000 of itemized deductions in 2019. The standard deduction for MFJ was $24,400 in 2019. In 2020, their total itemized deductions amount to $26,000. What is the Scott's AGI in 2020? What is the Scott's taxable income in 2020? For this portion of the question, assume their AGI is $250,000 (which was not the AGI answer above). What is the Scott's tax liability for 2020? For this portion of the question, assume their taxable income is $200,000 (this is not the answer for taxable income above). What is the Scott's tax due/refund for 2020? Remember to consider tax credits in your answer. Enter a refund as a negative number. Please enter numbers with no $ or commas. Question 10 12 pts Jackson (54) and Audrey (55) Scott are married. Jackson makes 125,000 annually from his full-time job as a plumber. Audrey makes $55,000 from her full-time job as an executive assistant. Jackson's employer provides its employees several benefits to keep its pay packages competitive and employees engaged. All employees are eligible to participate in the company's qualified heathcare insurance plan. Each employee's premiums are $2,000 per year, entirely paid for by the firm. In addition, the firm provides educational assistance, a gym membership to a gym of the employee's choice, and funds up to $20,000 for childcare for all employees. Jackson has taken advantage of many of these benefits during the year. He belonged to a gym for the entire year that cost $100/month and took some college classes that his employer paid for at a cost of $6,000. Audrey's father passed away in December 2019 and left Audrey stock and municipal bonds. She received the inheritance in January 2020. The stock had an adjusted basis of $5,000 and FMV of $10,000 on the date of transfer. Audrey received $500 in non-qualified (i.e., ordinary) dividends from the stock in December 2020. The municipal bonds had an adjusted basis of $500 and a FMV of $700 on the date of transfer. Audrey received $50 in interest from the bonds. When Audrey's father passed away in 2019, Audrey's mother moved in with the family. Her mother has no income, so the Scott's provide her full support. Jackson has three kids from a previous marriage with Donna (divorce occurred in 2010). Donna has full custody of two of the children. Jackson pays Donna $100,000 in alimony and $200,000 in child support annually. Their third child, Sally, is 19 and in college who lives independently full-time. This year, Jackson needed to replumb his house. He did a lot of the work himself, but the company also provided another employee to help him out free of charge to Jackson. It would have cost a normal customer $2,500 for the employee's services. The Scotts paid $10,000 in estimated federal income tax payments during the year and had $50,000 of federal income taxes withheld from their pay. During March of 2020, the Scott's receive a $5,000 refund from the state of Ohio because they overpaid their 2019 state income taxes. They had $35,000 of itemized deductions in 2019. The standard deduction for MFJ was $24,400 in 2019. In 2020, their total itemized deductions amount to $26,000. What is the Scott's AGI in 2020? What is the Scott's taxable income in 2020? For this portion of the question, assume their AGI is $250,000 (which was not the AGI answer above). What is the Scott's tax liability for 2020? For this portion of the question, assume their taxable income is $200,000 (this is not the answer for taxable income above). What is the Scott's tax due/refund for 2020? Remember to consider tax credits in your answer. Enter a refund as a negative number. Please enter numbers with no $ or commas