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Question 11 4 pts Izzie and Lawrence are married and file a joint tax return. They have a son, Lance, who qualifies for a
Question 11 4 pts Izzie and Lawrence are married and file a joint tax return. They have a son, Lance, who qualifies for a $500 dependent tax credit. Izzie owns and operates a store that caters to triathletes. During 2020, she earned $85,000 from her business, but she paid $13,500 in estimated tax payments. This income is considered qualified business income. Lawrence is a personal trainer. During 2020, he earned a $60,000 salary, but his employer withheld $7,200 from his paychecks for federal income taxes. They also received $2,250 in corporate bond interest and $890 in municipal bond interest during 2020. Izzie and Lawrence incurred $8,700 of eligible for AGI deductions and have $14,500 of eligible itemized deductions for 2020. To simplify, please assume that Izzie and Lawrence pay tax at a flat 22%. What is Izzie and Lawrence's tax due or refund for 2020? Please round to two decimal places and enter a refund as a negative number.
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