Molly and Mark are wife and husband and earned salaries this year of $12,000 and $64,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Mark and Molly also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in the amount of $1,500. Mark and Molly have a 10-year-old son, Matt, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $1,000 child tax credit for Matt. Mark and Molly 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.

The year of tax return is 2019.

1. What is Molly and Marks gross income?
2. What is Molly and Marks adjusted gross income?
3. What is the total amount of Molly and Marks deductions from AGI?
4. What is Molly and Marks taxable income?
5. What is Molly and Marks taxes payable or refund due for the year (use the tax rate schedules)?
6. Complete the first two pages of Molly and Marks Form 1040 (download forms from the IRS website).