Marc and Michelle are married 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 an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500. 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 $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 $5,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules) Comprehensive Problem 4-54 Part-a through e a. What is Marc and Michelle's gross income? Description Amount Marc's salary Michelle's salary 64,000 12,000 Corporate bond interest Gross income 500 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? tal deductions from AGI d. What is Marc and Michelle's taxable income? e. What is Marc and Michelle's taxes payable or refund due for the year