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Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $65,200 and $19,200, respectively. In addition
Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $65,200 and $19,200, respectively. In addition to their salaries, they received interest of $374 from municipal bonds and $1,100 from corporate bonds. Marc contributed $3,100 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,100 (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 $7,200 of expenditures that qualify as itemized deductions, and they had a total
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