The following information is available for Tom and Susan Smith, a married couple filing a joint return, for 2019. Tom is 67 and Susan is 64. They have one son, Sam, who is 27 years old, lived with them all year and had 2,000 of income. They had the following items for 2019:

Salaries	$225,000
City of Fresno bond interest income	$1800
Interest income from corporate bond	$2200
Rental income (rented the entire year)	$50000
Rental expenses (interest, taxes, repairs)	$20000
Loss on sale of personal use vehicle	$3000
Personal bad debt - loan to a friend (a promissory note was signed but the friend stopped paying)	$7000
Tom contributed to his IRA account (his employer did not have a retirement plan)	$7000
Itemized Deductions	$25000
Federal tax withholding on wages	$30000

Calculate the following:

1. What is the amount of their adjusted gross income?
2. What is the amount of their taxable income?
3. What is the amount of federal taxes?
4. What is the amount of their child and dependent tax credit?

What is their tax balance due or (refund due)?