Question
Mike and Maria are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350
Mike and Maria are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Mike and Maria also paid $2,500 of qualifying moving expenses, and Maria paid alimony to a prior spouse in the amount of $1,500. Mike and Maria have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Mike and Maria are allowed to claim a $1,000 child tax credit for Matthew. Mike and Maria paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year.(USE 2017 tax schedule.)
A. What is Mike and Marias gross income?
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