Tim and Sarah Lawrence are married and file a joint return. Tim's Social Security number is 123-45-6789, and Sarah's Social Security number is 111-11-1111. They reside at 100Olive Lane, Covington, LA 70434. They have two dependent children, Sean and Debra, ages 12 and 16, respectively. Sean's Social Security number is 123-45-6788, and Debra'sSocial Security number is 123-45-6787. Tim is a self-employed businessperson (sole proprietor of an unincorporated business), and Sarah is a corporate executive. Tim reports the following income and expenses from his business.

Gross income $325,000 Business expenses 201,000 Records related to Sarah's employment provide the following information. Salary $145,000 Unreimbursed travel expenses (including $200 of meals) $1,100 Unreimbursed entertainment expenses $500

Other pertinent information relating to 2014 follows. - Proceeds from sale of stock acquired on July 15, 2014 (cost of $12,000), and sold on August 1, 2014 $9,800 - Proceeds from sale of stock acquired on September 18, 2013 (cost of $5,000), and sold on October 5, 2014 $3,800 - Wages paid to full-time domestic worker for housekeeping and child supervision $10,000 - Interest income received $7,000 - Total itemized deductions (not including any potential deductions above) $27,900 - Federal income tax withheld $31,850 - Estimated payments of Federal income tax $34,000

Compute the net tax payable or refund due for Tim and Sarah Lawrence for 2014.