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4 Tax Forms-2 included 1 art 1 of 3 34 ints Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co 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 $101,500 and qualified business income of $13,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $217,500 and they sold it for $267,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,200 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, Answer is not complete.
13 a. What is the Jacksons' taxable income, and what is their tax liability or (refund)? Note: Do not round intermediate calculations. Answer is not complete. Description Amount (1) Gross income $ 115,000 (2) For AGI deductions 0 (3) Adjusted gross income $ 101,500 (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income 2,700 (8) Total deductions from AGI (9) Taxable income (10) Income tax liability (11) Other taxes (12) Total tax (13) Credits (14) Prepayments 4,000 S 1 2 Tax refund with tax return < Prev 3 of 5
2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 10% of taxable income $ 10,275 $ 41,775 $ 10,275 $ 41,775 $ 89,075 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 $ 170,050 $215,950 $ 539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 20,550 10% of taxable income $ 20,550 $ 83,550 $ 83,550 $ 178,150 $ 178,150 $340,100 $ 431,900 $ 647,850 $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 $ 340,100 $ 431,900 $ 647,850 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,650 10% of taxable income $ 14,650 $ 55,900 $ 55,900 $ 89,050 $ 89,050 $ 170,050 $215,950 $539,900 $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 $ 170,050 $215,950 $ 539,900
Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 10,275 $ 41,775 $ 89,075 $170,050 $215,950 $323,925 $ 89,075 $ 170,050 $215,950 $323,925 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925