Marc and Michelle are mamed and earned salaries this year of $64,000 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 a traditional Individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (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 $6,000 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year (Use the tax rate schedules.) a. What is Mare and Michelle's gross income? $ Description Marc's salary huichelle's salary Corporate bond interest Amount 14 000 12.000 500 Gross income S 76.500 b. What is Marc and Michelle's adjusted gross income? Adjusted gross income $ 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI Prev 1 2 of 2 . 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? Refund due S Prev 1 2 of 2 BE N 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 $9.950 10% of taxable income S 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 $4,664 plus 22% of the excess over $40.525 $ 86,375 S 164.925 S14,751 plus 24% of the excess over $86,375 $164.925 S 209,425 $33,603 plus 32% of the excess over $164.925 S 209.425 S 523,600 $47.843 plus 35% of the excess over $209.425 S 523,600 S157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 S 19.900 10% of taxable income S 19.900 S 81,050 $1.990 plus 12% of the excess over $19,900 S 81.050 S 172,750 $9,328 plus 22% of the excess over $81,050 S 172,750 S 329,850 $29,502 plus 24% of the excess over $172.750 S 329.850 S 418,850 $67.206 plus 32% of the excess over $329,850 S 418,850 S 628,300 $95,686 plus 35% of the excess over $418,850 S 628,300 $168.993.50 plus 37% of the excess over 5628,300