Question 3 2 pts Peter, age 25, is single. He lives with his disabled and dependent mother, for whom he provides more than a half of support. Peter earned a $75,000 salary. His other income consisted of $2,000 interest from a bank account and $400 interest on municipal bonds that he previously had received as a graduation gift. In addition, he sustained a deductible capital loss of $5,000 from the sale of stock. His itemized deductions amount to $12,650. What is Peter's taxable income? O $62.200 O $55.950 O $55.350 O $61,600 Question 4 2 pts In 2020, Luke and Sandra are married and file a joint tax return. They have two dependent children, ages 11 and 15. Their AGI is $407,500. Since 2016, Luke and Sandra have been taking care of Luke's elderly father Walter (age 79) for whom they provide more than half of support. How much child and dependent tax credit can Sandra and Luke take on their 2020 joint tax return? $4,400 0 $4,100 O $4.500 O $4,000 Question 5 2 pts In the current year, Karen is single, and her taxable income is $135,000 for 2020. Karen lives with her partner and his son who is a full time student. In addition, she has the following capital transactions and resulting gains (losses). Green corporation stock (held for 9 months) $5,000 Red corporation stock (held for 11 months) (7.000) Stamp collection (held for 10 years) $8,000 Land (held as an investment for 4 years) $2,000 What is the total amount of tax liability for of these short term and long term gains (losses) for 2020? O $1,600 O $1.760 OSO O $1,200