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Whats the correct answer for these taxation questions? Richand and Denisa (both in their 40s) are married and have two dependent children ages 14 and

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Whats the correct answer for these taxation questions?
Richand and Denisa (both in their 40s) are married and have two dependent children ages 14 and 1 qualifying children) Tey also fully support Richard's father.age 75, who lives with them and receives security of s12,000 this only source of income) Their 201come and other information is as follows 30pts) Income $160,000 3,000 2.000 6.500 4,000 10,000 50,000 20,000 2,000 Total salaries Bank account interest City of L incoln bond interest income Employer paid health insurance premiuns Qualified dividends Loan from Richard's parents Inheritance from Richard's sister's estate Gift from Denisa s father Gambling winnings Expenses Qualified medical expenses State income taxes paid Real estate taxes on home Home mortgage interest Charitable contributions Federal income tax withholding $ 10,000 7,000 3,500 2.000 10,000 23,000 Required: Calculate the following. SHOw YOUR WORK: a) Adjusted Gross Income b) Taxable Income 1soo c) Tax Liability d) Amount of refund or balance due

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