Tim and Sarah Lawrence are married and file a joint return. Tim’s Social Security number is 123-45-6789, and Sarah’s Social Security number is 111-11-1112. They reside at 100 Olive Lane, Covington, LA 70434. They have two dependent children, Sean and Debra, ages 12 and 16, respectively. Sean’s Social Security number is 123-45-6788, and Debra’s Social Security number is 123-45-6787.

Tim is self-employed as the sole proprietor of an unincorporated business, and Sarah is a corporate executive. Tim reports the following 2019 income and expenses from his business.

Gross income ....................................................................................................................................... $325,000
Business expenses ................................................................................................................................ 201,000

Other records related to Sarah’s employment provide the following information.

Salary ....................................................................................................................................................... $145,000
Unreimbursed travel expenses (including $200 of meals) .......................................................  1,600

Other pertinent information for the tax year follows.

Proceeds from sale of stock acquired on July 15, 2019

(cost of $12,000), and sold on August 1, 2019 ............................................................................ $ 9,800

Proceeds from sale of stock acquired on September 18, 2018

(cost of $5,000), and sold on October 5, 2019 ..............................................................................  3,800
Wages paid to full-time domestic worker for housekeeping and child supervision ..... 10,000
Interest income received .......................................................................................................................... 7,000
Total itemized deductions (not including any potential deductions above) .................... 27,900
Federal income tax withheld ................................................................................................................ 31,850
Estimated payments, Federal income tax ....................................................................................... 20,000

Compute the 2019 net tax payable or refund due for Tim and Sarah Lawrence.