Question
Marc and Michelle are married and earned salaries this year of $60,000 and $15,000, respectively. In addition to their salaries, they received interest of $350
Marc and Michelle are married and earned salaries this year of $60,000 and $15,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $3,000 to a qualified Individual Retirement Account, and Marc paid alimony to a prior spouse in the amount of $1,500 (2017 divorce). 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 $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 course of the year.
11-What is Marc and Michelles gross income? The answer is 75500
12-What is Marc and Michelles adjusted gross income? The Answer is 71000
13-What is Marc and Michelles taxable income?
14-What is Marc and Michelles taxes payable or refund due?
This is my second submission of these questions the answer for 11 and 12 are above I am just missing 13 and 14 Previous answers were 46200 and 351 respectively and they both were wrong
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