1 Part 1 of 2 10 points Required Information [The following information applies to the questions displayed below.] Marc and Michelle are married and earned salaries this year of $64.000 and $12,000, respectively. In addition to their salaries, they received Interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald alimony to a prior spouse In the amount of $1.500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6.000 of expenditures that qualify as itemized deductions and they had a total of $3.500 in federal Income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) eBook Print a. What Is Marc and Michelle's gross Income? Reference: Amount Description Marc's salary Michelle's salary Corporate bond interest Municipal bond interest Gross income s b. What is Marc and Michelle's adjusted gross Income? Adjusted gross income 1 Required information Part 1 of 2 c. What is the total amount of Marc and Michelle's deductions from AGI? 10 points Total deductions from AGI eBook d. What Is Marc and Michelle's taxable income? Print Taxable income Reference: e. What Is Marc and Michelle's taxes payable or refund due for the year? Refund due 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: S 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40.125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 S47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414,700 $622,050 594,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: S 0 $ 14,100 $ 14,100 $ 53,700 $ 53,700 $ 85,500 $ 85,500 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 531,830 plus 32% of the excess over $163,300 $45,926 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $311,025 $311,025 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40.125 $14.605.50 plus 24% of the excess over $85,525 $33.271.50 plus 32% of the excess over $163,300 S47,367.50 plus 35% of the excess over $207,350 $83,653.75 plus 37% of the excess over $311,025