requirea iniormation

Comprehensive Problem $4-57($LO $4-1,$ LO $4-2,$ LO $4-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Demarco and Janine Jackson have been married for $20$ years and have four

children who qualify as their dependents $($Damarcus$,$ Jasmine, Michael, and

$($Candice$).$ The Jacksons file a joint tax return. The couple received salary

income of $$100,500$ and qualified business income of $$14,500$ from an

investment in a partnership, and they sold their home this year. They initially

purchased the home three years ago for $$222,500$ and they sold it for

$$272,500.$ The gain on the sale qualified for the exclusion from the sale of a

principal residence. The Jacksons incurred $$17,400$ of itemized deductions, and

they had $$4,000$ withheld from their paychecks for federal taxes. They are also

allowed to claim a child tax credit for each of their children. However, because

Candice was $18$ years of age at year end, the Jacksons may claim a child tax

credit for other qualifying dependents for Candice. $($Use the tax rate schedules.$)$

Comprehensive Problem $4-57$ Part b $($Algo$)$

Complete page $1,$ page $2,$ and Schedule $1$ of the Jacksons' Form $1040($use the most recent form

available$).$

Demarco and Janine Jackson's address is $19010$ N$.$W$.135$th Street, Miami, FL $33054.$

Social security numbers:

Demarco: $123-45-6789$ Janine: $234-56-7890$

Son: Damarcus: $345-67-8901$

Daughter: Jasmine : $456-78-9012$

Son: Michael : $567-89-0123$

Daughter: Candice: $678-90-1234$

Enter any non$-$financial information, $($e$.$g$.$ Names, Addresses, social security numbers$)$

EXACTLY as they appear and the order in which they appear in any given information or

Problem Statement. Input all the values as positive numbers. Use $2023$ tax laws and $2022$

tax form. Do not round your intermediate calculations. Round final answers to the nearest

whole dollar amount. Neither Demarco nor Janine wish to contribute to the Presidential

Election Campaign fund or had any virtual currency transactions or interests.

Complete Form $1040,$ page $1,$ page $2,$ and Schedule $1.$