Marc and Michelle are married and earned salaries this year of $66,800 and $13,050, respectively. In addition to their salarles, they received Interest of $350 from municipal bonds and $850 from corporate bonds. Marc contributed $2,850 to a traditional Individual retirement account, and Marc pald alimony to a prior spouse in the amount of $1,850 (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. Marc and Michelle paid $6,700 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $3,120 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. Amount 66.800 S Description Marc's salary Michelle's salary Corporate bond interest 13.050 850 > Gross income S 80,700 b. What Is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income $ 78,000 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from AGI $ 24,000 d. What Is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Taxable income $ 52,000 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due $ 905 Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4.664 plus 22% of the excess over $40,525 $ 86,375 S 164.925 S14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 533,603 plus 32% of the excess over $164.925 $ 209,425 S 523,600 $47.843 plus 35% of the excess over $209,425 $ 523,600 S157.804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 S 81,050 $1.990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172.750 $ 329,850 S29,502 plus 24% of the excess over $172,750 $329,850 S 418,850 567,206 plus 32% of the excess over $329,850 $ 418,850 S 628,300 $95.686 plus 35% of the excess over $418.850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 S 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 S 164,900 $13,293 plus 24% of the excess over $86,350 $164.900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 S 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over:But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 995 plus 12% of the excess over $ 9.950 $ 40,525 $ 86,375 $4.664 plus 22% of the excess over $40.525 $ 86,375 S 164,925 $14.751 plus 24% of the excess over $86,375 $ 164,925 S 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 314,150 $47.843 plus 35% of the excess over $209,425 $ 314,150 $84.496.75 plus 37% of the excess over $314,150