Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a) what is marc and mikkel's gross income b) what is marc and mikkel's adjusted gross income c) what is the total amount of marc

a) what is marc and mikkel's gross income
b) what is marc and mikkel's adjusted gross income
c) what is the total amount of marc and mikkel's deductions from AGI
d) what is marc and mikkel's taxable income
e) what is marc and mikkel's taxes payable or refund due for the year?
image text in transcribed
Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $65,500 and $21,000, respectively. In addition to their salaries, they received interest of $380 from municipal bonds and $1,250 from corporate bonds. Marc contributed $3,250 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,250 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $7,500 of expenditures that qualify as itemized deductions, and they had a total of $3,220 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikker's deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes payable or refund due for the year? What is Marc and Mikkel's gross income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Healthcare Fraud Auditing And Detection Guide

Authors: Rebecca S. Busch

2nd Edition

978-1118179802

More Books

Students also viewed these Accounting questions

Question

Conduct an effective performance feedback session. page 360

Answered: 1 week ago