Ross and Rachel are both 34-year-old married taxpayers and file a joint return in 2020. They earned salaries of $75,000 and $35,000, respectively. During the year, Ross sold his vintage MG sports car for $3,000 of capital gains. In addition, Rachel received $12,000 in net rental income and a $4,000 loan from her mother to buy new furniture. The couple has a dependent child, Emma, for whom they can claim a child tax credit of $2,000. They also made traditional retirement contributions of $8,000 (for AGI), alimony payments of $2,000 to Rosss ex-wife (for AGI), charitable contributions of $8,000 (itemized deduction), and mortgage interest payments of $10,000 (itemized deduction). They are entitled to a Qualified Business Income deduction of $2,400. Together, they had $6,000 of taxes withheld from their salaries and made estimated payments of $2,800. Assume their capital gains tax rate is 15%.

What is Ross and Rachels gross income?

What is their AGI?

What is their Taxable Income?

What is their Gross Tax Liability?

What is their Tax due or refund amount?