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a. what is marc and michelles gross income, adjusted gross income, total deductions from agi, taxable income and taxes payable or refund due for the
a. what is marc and michelles gross income, adjusted gross income, total deductions from agi, taxable income and taxes payable or refund due for the year?
* Saved Help Sav Required information [The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of S64,000 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 paid 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. They are also able to claim $2,900 in recovery rebate credit ($2,400 for Marc and Michelle and $500 for Matthew). Assume they did not receive the recovery rebate in advance. 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.) What is Marc and Michelle's gross income? Description Amount
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a. what is marc and michelles gross income, adjusted gross income, total deductions from agi, taxable income and taxes payable or refund due for the year?
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