Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned

salaries this year of $$66,100$ and $$24,600,$ respectively. In addition to their

salaries, they received interest of $$392$ from municipal bonds and $$1,550$ from

corporate bonds. Marc contributed $$3,550$ to a traditional individual retirement

account, and Marc paid alimony to a prior spouse in the amount of $$2,550$

$($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 allowed to claim a $$2,000$ child tax credit for Mason.

Marc and Mikkel paid $$8,100$ of expenditures that qualify as itemized

deductions, and they had a total of $$3,508$ in federal income taxes withheld

from their paychecks during the year. $($Use the tax rate schedules.$)$

Comprehensive Problem $4-56$ Part$-$a through e $($Algo$)$

Required:

a$.$ 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 Mikkel's taxes payable or refund due for the year?

What is Marc and Mikkel's gross income?$2023$ Tax Rate Schedules

Individuals

Schedule X$-$Single

Schedule Y$-1-$Married Filing Jointly or Qualifying surviving spouse

Schedule Z$-$Head of Household

Schedule Y$-2-$Married Filing Separately