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 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. Mare 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 Marc and Michelle's gross income? Answer is complete and correct. s Description Marc's salary Michelle's salary Corporate bond interest Amount 64.000 12.000 500 Gross income $ 76,500 b. What is Marc and Michelle's adjusted gross income? Answer is complete and correct. Adjusted gross income $ 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? X Answer is complete but not entirely correct. Total deductions from AGI $ 24,400 X d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Taxable income $ 47.750 X e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due $ 116