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)
1. What are the Clays' taxes payable or refund due? (Ignore the alternative minimum tax.)
2. What are the Clays' tentative minimum tax and alternative minimum tax?
Definitions:
Minister of Education
A government official responsible for guiding and implementing national policy and programs related to education.
Saddledome
A distinctive and iconic arena located in Calgary, Alberta, Canada, known for its saddle-shaped roof and as a venue for major events, including sports and concerts.
Season's Ticket
A pass that grants holders access to a set number of events or visits, typically for a sports season or theater series.
Cent
A monetary unit in various countries, representing one-hundredth of the basic unit of currency.
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