Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine Jr., Michael, and Candice). The couple received salary income of $100,400 and qualified business income of $11,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $205,000 and they sold it for $255,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,700 of itemized deductions, and they had $3,150 with held from their paychecks for federal taxes. They are also allowed to 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 dependents for Candice. The Jacksons are also allowed to claim a $2,400 recovery rebate credit for themselves and a $500 credit for each of their three youngest children. Assume they did not receive the rebate credit in advance.

Required:
What is the Jackson's taxable income, and what is their tax liability or (refund)?