Question: During all of 2019, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2019. Neither is blind, and both are under age 65. They reported the following tax-related information for the year. (Use the tax rate schedules)
Salary income $125,000
Prize from local radio station 1,500
Medical expenses (no health insurance) 4,000
Real estate taxes 4,200
Alimony paid by Mr. Clay (divorced in 2015) 12,000
State income taxes withheld in 2019 1,800
State income taxes paid with 2019 tax return (return was filed in April 2020) 1,500
Federal income tax withholding 7,500
Qualified home mortgage interest (acquisition debt of $300,000) 15,000
Charitable contributions 4,000
Required: What are the Clays' taxes payable or refund due?
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