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s. Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The recent form available couple received salary income of $100,000, qualified business income of S10,000 from an investment in a partnership, and they sold their home this year. They ini tially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a princi- pal residence. The Jacksons incurred S16,500 of itemized deductions, and they had $3.550 withheld from their paychecks for federal taxes. They are also allowe claim a child tax credit for each of their children. However, because Candice is 18 years of age. the Jacksons may claim a child tax credit for other qualifying depen- dents for Candice d to a) What is the Jacksons taxable income, and what is their tax liability or (refund)? b) Complete the first two pages of the Jacksons Form 1040 (use the most recent form available) c) What would their taxable income be if their itemized deductions totaled $28,000 instead of s16,5002 d) What would their taxable income be if they had SO itemized deductions and e) Assume the original facts but now suppose the Ja oone n $5,000 on the sale of soma

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a. What is the Jacksons taxable income? $111,300. See analysis below Description Amount Computation $200,000 gross income fr

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