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es Required information Comprehensive Problem 4-55 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.] Marc and Michelle are married and earned salaries this year of $71,200 and $14,700, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,400 from corporate bonds. Marc contributed $3,400 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,400 (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 $7,800 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4,165 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Comprehensive Problem 4-55 Part-a through e (Algo) a. What is Marc and Michelle's gross income? Description Amount Marc's salary Michelle's salary Corporate bond interest Gross income $ $ 71,200 14,700 1,400 87,300 b. What is Marc and Michelle's adjusted gross income? Adjusted gross income $ 81,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI $ 25,100 d. What is Marc and Michelle's taxable income? Taxable income $ 56,400 e. What is Marc and Michelle's taxes payable or refund due for the year? Refund due