{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T22:15:33-04:00", "answer_date": "2024-05-27 22:15:33", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1804686", "url": "\/study-help\/questions\/required-information-the-following-information-applies-to-the-questions-displayed-1804686", "question_creation_date_js": "2024-05-27T22:15:33-04:00", "question_creation_date": "May 27, 2024 10:15 PM", "meta_title": "[Solved] Required information [The following infor | SolutionInn", "meta_description": "Answer of - Required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson | SolutionInn", "meta_keywords": "required,information,applies,questions,displayed,below,demarco,janine,jackson,married,20,years", "question_title_h1": " Required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four", "question_title": " Required information [The following information applies to the questions displayed below.]", "question_title_for_js_snippet": "Required information The following information applies to the questions displayed below Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice) The couple received salary Income of $99,000 and qualified business income of $16,000 from an investment in a partnership, and they sold their home this year They Initially purchased the home three years ago for $230,000 and they sold it for $280,000 The gain on the sale qualified for the exclusion from the sale of a principal residence The Jacksons incurred $17,700 of itemized deductions (no charitable contributions), 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 ) a What is the Jacksons' taxable income, and what is their tax liability or (refund) Note Do not round intermediate calculations ", "question_description": "\"image\"image\"image", "transcribed_text": "Required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary Income of $99,000 and qualified business income of $16,000 from an investment in a partnership, and they sold their home this year. They Initially purchased the home three years ago for $230,000 and they sold it for $280,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,700 of itemized deductions (no charitable contributions), 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.) a. What is the Jacksons' taxable income, and what is their tax liability or (refund)? Note: Do not round intermediate calculations.", "related_book": { "title": "Accounting Tools for Business Decision Making", "isbn": "9780470418239, 470239808, 9780470239803, 470418230, 978-1118128169", "edition": "5th edition", "authors": "Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/291.jpg", "uri": "\/textbooks\/accounting-tools-for-business-decision-making-5th-edition-291", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8642228531", "uri": "\/textbooks\/day-trading-setups-day-trading-setups-understand-the-secret-of-a-successful-trader-advanced-techniques-in-day-trading-1st-edition-979-8642228531-176718", "name": "Day Trading Setups Day Trading Setups Understand The Secret Of A Successful Trader Advanced Techniques In Day Trading", "edition": "1st Edition" }, "question_posted": "2024-05-27 22:15:33", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/suppose-you-borrowed-10000-on-a-student-loan-at-a-658627", "description": "A firm has total debt of $6,000,000 and stockholder's equity is $4,000,000. 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