2 Required information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $73,600 and $15,600, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,700 from corporate bonds. Marc contributed $3,700 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,700 (under a divorce decree effective June 1, 2006). 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 $3,000 child tax credit for Matthew. Marc and Michelle paid $8,400 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4,195 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) (Use the tax rate schedules.) www qualify as itemized deductions (no charita of $4,195 in federal income taxes withheld from their paychecks durin Part 1 of 2 a. What is Marc and Michelle's gross income? 10 points Description Marc's salary Michelle's salary Corporate bond interest $ eBook Amount 73,600 15,600 1,700 Print References Gross income $ 90.900 10 points b. What is Marc and Michelle's adjusted gross income? eBook Adjusted gross income $ 84,500 Print References c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AG! Me Required information Part 1 of 2 d. What is Marc and Michelle's taxable income? 10 points Taxable income eBook Print References e. What Is Marc and Michelle's taxes payable or refund due for the year? Refund due