Check 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 an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,400. 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 $7,800 of expenditures that qualify as itemized deductions and they had a total of $6,695 in federal income taxes withheld from their paychecks during the course of the year (Use the tax rate schedules) a. What is Marc and Michelle's gross income? Amount 71.200 Description Marc's salary Michelle's salary Corporate bond interest Municipal bond interest Gross income 14.700 1.400 350 87,650 1 2 3 of 3 I Next > Required information b. What is Marc and Michelle's adjusted gross income? Adjusted gross income $ 81,850 c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI Prev 1 2 3 of 3 Next > Required information d. What is Marc and Michelle's taxable income? Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year? 2 3 of 3 Next > JUL.JU Plus 2470 UI ne excess over $84.200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798,50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408.200 S612,350 $93,257 plus 35% of the excess over $408,200 $612,350 - $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200