Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $64,200 and $13,200, respectively. In addition to their salaries, they received interest of $354 from municipal bonds and $600 from corporate bonds. Marc contributed $2,600 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,600 (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 $6,200 of expenditures that qualify as itemized deductions, and they had a total of $2,596 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.)
Required:
- What is Marc and Mikkel's gross income?
- What is Marc and Mikkel's adjusted gross income?
- What is the total amount of Marc and Mikkel's deductions from AGI?
- What is Marc and Mikkel's taxable income?
- What is Marc and Mikkel's taxes payable or refund due for the year?
Required information [The following information applies to the questions displayed below.] Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $64,200 and $13,200, respectively. In addition to their salaries, they received interest of $354 from municipal bonds and $600 from corporate bonds. Marc contributed $2,600 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,600 (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 $6,200 of expenditures that qualify as itemized deductions, and they had a total of $2,596 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) 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? 2023 Tax Rate Schedules Individuals Srhedule X.Sincle Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$10 & $11,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$346,875 & $346,875 & $52,832 plus 35% of the excess over $231,250 \\ \hline & - & $93,300.75 plus 37% of the excess over $346,875 \\ \hline \end{tabular} 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 AGl? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes payable or refund due for the year? Answer is complete but not entirely correct. What is Marc and Mikkel's gross income? 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? Answer is complete but not entirely correct. What is Marc and Mikkel's adjusted gross income? 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 the total amount of Marc and Mikkel's deductions from AGI? 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 taxable income? 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 Mare 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 taxes payable or refund due for the year
