Question
Marc and Michelle are married and earned salaries this year of $66,400 and $12,900. In addition to their salaries, they recieved interest of $350 from
Marc and Michelle are married and earned salaries this year of $66,400 and $12,900. In addition to their salaries, they recieved interest of $350 from municipal bonds and $800 from corporate bonds. Marc contributed $2800 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1800. 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 $2000 child tax credit for Matthew. Marc and Michelle paid $6600 of expenditures that quaify as itemized deductions and they had a total of $5820 in federal income taxes withheld from their paychecks during thee course of the year.
A) What is Marc and Michelle's adjusted gross income?
B) What is the total amount of Marc and Michelle's deductions from AGI?
C) What is Marc and Michelle's taxable income?
D) What is Marc and Michelle's taxes payable or refund due for the year?
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