$2024$ Tax Year: Level I$-$ Basic$-$ Problem and Tax Return $(40$ points$)$

Mr$.$ Joseph Smith and Mrs$.$ Rivera are married, and they are $66$ and $50$ years old respectively. Their income consisted of the following sources. $$ Salaries: Mr$.$ Smith $$70,000$ and Mrs$.$ Rivera $ $51,000$ Interest received in Federal Bonds $$5,000$ Interest received in Utah State Bonds $$10,000$ Interest received in Certificate Deposit Accounts$-$Bank of America $$2,000$ Gambling Winnings $$3,000$ Inheritance received by their aunt $$8,000$ Mr$.$ Joseph paid an alimony to his ex$-$wife of $$3,000$ annually $($Her judicial settlement was valid since $2018).$ Mr$.$ Smith and Mrs$.$ Rivera have withholding tax payments of $ $5,000$ and $$3,000,$ respectively. Please present a computation or provide an explanation for each item. Gross Income $($Inclusions$)(5$ points$)$ Adjusted Gross Income:$(2$ points$)$ Standard Deduction amount and additional $($if apply$)$: $3$ points $$ The taxable income is: $(3$ points$)$ The Total tax liability: $($Please$,$ use the $2024$ tax schedules$)$ and indicate what the marginal tax rate is$,$ and average tax rate $(9$ points$)$ i$.$ Total Tax Liability and Computation $$ ii$.$ Marginal Tax Rate $$ iii.$$ Average tax rate The tax payment or refund: $(3$ points$)$ Please prepare the $1040$ Income Tax return $(15$ points$)$ and the schedules.