Marc and Michelle are married and earned salaries this year of S64,000 and S12,000 respectively. In addition to their salaries, they received interest of S350 from municipal bonds and S500 from corporate bonds. Marc contributed S2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of S1,500. 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 S2,000 child tax credit for Matthew. Marc and Michelle paid S6,000 of expenditures that qualify as itemized deductions and they had a total of S5,500 in federal income taxes withheld from their paychecks during the course of the year. a) What is Marc and Michelle's gross income? b) What is Marc and Michele's adjusted gross ncomet c) What is the total amount of Marc and Michelle's deductions from AGI? d) What is Marc and Michelle's taxable income? oWhat is Marc and Michelle's xes payable or fund due for the year? (Use the tax rate schedules. Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: 0 $ 19,050 $ 1 9,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 $ 77,400 $165,000 $315,000 $400,000 $600,000 10% of taxable income $1,905 plus 12% of the excess over $19,050 $8,907 plus 22% of the excess over $77,400 $28. 1 7 9 plus 24% of the excess over $165,000 $64. 1 7 9 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $161,379 plus 37% of the excess over $600,000