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Marc and Mikkel are married and earned salarles this year of $65,100 and $18,600, respectively. In addition to their Salaries, they recelved interest of $350

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Marc and Mikkel are married and earned salarles this year of $65,100 and $18,600, respectively. In addition to their Salaries, they recelved interest of $350 from municipal bonds and $1,050 from corporate bonds. Marc contributed $3.050 to a traditional individual retirement account, and Matc paid alimony to a prior spouse in the amount of $2,050 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them. throughout the entire year. Thus, Marc and Mikkel are aliowed to claim a $2.000 child tax credit for Mason. Marc and Mikkel paid $7,100 of expenditures that qualify as itemized deductions, and they had a total of $9,140 in federal income taxes withheld from thelf paychecks during the year. (Use the loxsrate sshedules.) Required: o. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikkel's deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkers thyes payable or refund due for the year? What is Marc and Mikkel's gross income? * Red text indicates no response was expected in a cell or a formula-based calc

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