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 $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year.

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 $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially 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 principal residence. The Jacksons incurred $16,500 of itemized deductions (no charitable contributions), and they had $1,000 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.)

Please answer all parts. Some questions require forms pulled directly from the IRS website.

Requirements: please answer all parts fully.

8/24/23, 9:25 PMhttps://ezt.prod.mheducation.com/Media/Connect_Production/bne/accounting/spilker_13e/taxrateschedule2021.htmhttps://ezt.prod.mheducation.com/Media/Connect_Production/bne/accounting/spilker_13e/taxrateschedule2021.htm1/12021 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over:But not over:The tax is:$          0$    9,95010% of taxable income$    9,950$  40,525$995 plus 12% of the excess over $9,950$  40,525$  86,375$4,664 plus 22% of the excess over $40,525$  86,375$ 164,925$14,751 plus 24% of the excess over $86,375$ 164,925$ 209,425$33,603 plus 32% of the excess over $164,925$ 209,425$ 523,600$47,843 plus 35% of the excess over $209,425$ 523,600—$157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over:But not over:The tax is:$          0$  19,90010% of taxable income$  19,900$  81,050$1,990 plus 12% of the excess over $19,900$  81,050$ 172,750$9,328 plus 22% of the excess over $81,050$ 172,750$ 329,850$29,502 plus 24% of the excess over $172,750$ 329,850$ 418,850$67,206 plus 32% of the excess over $329,850$ 418,850$ 628,300$95,686 plus 35% of the excess over $418,850$ 628,300—$168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of HouseholdIf taxable income is over:But not over:The tax is:$          0$  14,20010% of taxable income$  14,200$  54,200$1,420 plus 12% of the excess over $14,200$  54,200$  86,350$6,220 plus 22% of the excess over $54,200$  86,350$ 164,900$13,293 plus 24% of the excess over $86,350$ 164,900$ 209,400$32,145 plus 32% of the excess over $164,900$ 209,400$ 523,600$46,385 plus 35% of the excess over $209,400$ 523,600—$156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing SeparatelyIf taxable income is over:But not over:The tax is:$          0$    9,95010% of taxable income$    9,950$  40,525$995 plus 12% of the excess over $ 9,950$  40,525$  86,375$4,664 plus 22% of the excess over $40,525$  86,375$ 164,925$14,751 plus 24% of the excess over $86,375$ 164,925$ 209,425$33,603 plus 32% of the excess over $164,925$ 209,425$ 314,150$47,843 plus 35% of the excess over $209,425$ 314,150—$84,496.75 plus 37% of the excess over $314,150