The following information is available for Bob and Brenda Horton, a married couple filing a joint return, for 2018 Bob and Brenda are age 32 and have no dependents. 
a. What is the amount of their gross income?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
d. What is the amount of their tax liability (gross tax), rounded to the nearest dollar?
e. What is the amount of their tax due or (refund due)?
Definitions:
Labor Intensive
Describes a process or industry that requires a large amount of labor to produce its goods or services, compared to the amount of capital used.
Manufacturing Businesses
Companies engaged in the conversion of raw materials into finished products through the use of machinery and labor, often at a large scale.
High-growth CEOs
Chief executive officers leading companies experiencing rapid expansion in revenue, staff, or market share.
Industry Experience
The practical knowledge gained from working in a specific sector or industry over time.
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