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 111-11-1111. 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 2014 income and expenses from his business.

Gross income ................................................................. $325,000

Business expenses ............................................................ 201,000

Records related to Sarah's employment provide the following information.

Salary ............................................................................... $145,000

Unreimbursed travel expenses (including $200 of meals) ....................... 1,100

Unreimbursed entertainment expenses ............................................... 500

Other pertinent information follows.

Proceeds from sale of stock acquired on July 15, 2014 (cost of $12,000), and sold on August 1, 2014.................................... 9,800

Proceeds from sale of stock acquired on September 18, 2013 (cost of $5,000), and sold on October 5, 2014......................... 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 ........................................................... 34,000

Compute the 2014 net tax payable or refund due for Tim and Sarah Lawrence.