Marc and Michelle sre married and earned salaries this year of $71.500 and $14.850, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1.450 from corporate bonds. Marc contributed $3.450 to a traditional individual retirement account, and Marc paid alimony to o prior spouse in the amount of $2.450 (under 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 $7.900 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4,170 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Comprehensive Problem 4-55 Part-a through e (Algo) a. What is Marc and Michelle's gross income? Answer is complete but not entirely correct. Description Amount Marc's salary S 71,600 Michelle's salary 14,850 Corporate and interest 1,450 Municipal bond interest Gross income IS 88,250 BOOO 3503 b. What is Merc and Michelle's sdjusted gross income? Adjusted gross income c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI d. What is Marc and Michelle's taxable income? Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year