Required information Comprehensive Problem 4-54 (LO 4-1, LO 4-2, LO 4-3) (The following information applies to the questions displayed below.) Marc and Michelle 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. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Comprehensive Problem 4-54.Partf Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available) Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333-44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 (Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers EXACTLY as they appear in any given information or Problem Statement. Use 2019 tax laws.) Required information 1040 PG 1 1040 PG 2 Schedule 1 Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 Department of the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return Single Married fling jointly 2018 Filing status Married filing separately OMB No 1545-0074 Head of household Quality Your first name and initial Last name Marc Your standard deduction: Someone can claim you as a dependent joint return, spouse's first name and initial Taxpayer You were bom before January 2, 1954 Last name You are blind Michelle Spouse standard deduction: Someone can claim your spouse as a dependent spouse is blind Home address (number and street). If you have a PO box, see instructions. Taxpayer spouse was born before January 2, 1954 spouse itemizes on a separate return or you were dual-status alien U Apt. no. Checkhe City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6 mc Dependents (see Instructions): (1) First name (2) Dependent's Social (4) (3) Relationship to you Last name Security number A Help Save & Exit Submi Required information reasury - Internal Revenue Service (99) dual Income Tax Return Married Sling jointly 2018 Married filing separately OMB No 1545-0074 Head of household IRS Use Only - Do not write in this space Qualifying widow(er) Your social security number (Enter as x-xx-2000) 111-22-3333 laim you as a dependent Taxpayer You were bom before January 2, 1954 Last name You are blind Spouse's social security number (Enter as xox-XX-2000) 222-33-4444 laim your spouse as a dependent Taxpayer spouse was born before January 2, 1954 spuse itemizes on a separate return or you were dual status allon 0.box, see instructions. have a foreign address, attach Schedule 6. O Full-year health care coverage or exempt (see inst.) Presidential Election Campaign Check here if you want $3 to go to this fund (see Inst) You O + Spouse If more than four dependents, see Inst. and here (4) of child under age 17 qualifies for (see inst.) Child tax credit. Credit for other dependents (2) Dependent's Social secunty number Last name (3) Relationship to you D000 Required information Home address (number and street). If you have a PO box, see instructions. Check You City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. Dependents (see instructions): (2) Dependent's Social secunty number (3) Relationship to you (1) First name Last name CH Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they a Sign Here owledge correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any Your signature Your occupation Date If the IRS here (see Joint return? See instructions. Keep a copy for your records. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS here (see PTIN Firm's EIN Paid Printtype preparer's name Preparer's signature Preparer Use Only Firm's name Firm's address For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, se separate Instructions Phone no Cat No. 1 Required information SIN Form 1040 (2018) 1 Wages, salaries, tips, etc. Altach Form(s) W-2 2a Tax-exempt interest b Taxable interest Attach Form(s)W-2. Also 3a Qualified dividends b Ordinary dividends attachForm(s) W-26 and 1099-R if tax 4a IRAs, pensions, and annuities b Taxable amount waswithheld. 5a Social security benefits Taxable amount 6 Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 Standard Deduction for 7 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6 otherwise, subtract Schedule 1. Single or Married filing line 36, from line 6 separately. $12,000 8 Standard deduction or itemized deductions (from Schedule A) 9 Qualified business income deduction (see instructions) 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less enter 0 Married filing jointly or Qualifying widow(er). 11 a Tax (see inst.) (check if any from: Fom(s) 8814 2 Form 4972 $24,000 03. b Add any amount from Schedule 2 and check here Head of household 12 a Child tax credit credit for other dependents $18,000 Add any amount from Schedule 3 and check here 13 Subtract line 12 from line 11. If zero or less, enter-O- 14 Other taxes. Attach Schedule 4 15 Total tax. Add lines 13 and 14 If you checked any box under Standard deduction, 16 Federal income tax withheld from Forms W-2 and 1099 See instructions 17 Refundable credits: a EIC (see inst.) b Sch. 8812 c Form 8863 d Add any amount from Schedule 5 18 Add lines 16 and 17. These are your total payments. Refund 19 line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid 20a Amount of line 19 you want refunded to you. If Form 8888 is attached, check here Direct deposit? See > Routing number Type: Checking Savings Instrucbons d Account number IM Go to www.irs.gov/Form 1040 for instructions and the latest information. enue Service wn on Form 1040 Attachment Sequence No. Your social security numb 1-9b 15b 16b 197 20b 1-9b Reserved 10 Taxable refunds, credits, or offsets of state and local income taxes 11 Alimony received 12 Business income or loss). Attach Schedule C or C-EZ 13 Capital gain or loss). Attach Schedule D if required. If not required, check here 14 Other gains or losses). Attach Form 4797 15a Reserved 16a Reserved 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 18 Farm income or loss). Attach Schedule F 19 Unemployment compensation 20a Reserved 21 Other income. List type and amount 22 Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and on Form 1040, line 6. Otherwise, go to line 23 23 Educator expenses 24 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 25 Health savings account deduction. Attach Form 8889 26 Moving expenses for members of the armed forces. Attach Form 3903 27 Deductible part of self-employment tax. Attach Schedule SE 28 Self-employed SEP, SIMPLE, and qualified plans 29 Self-employed health insurance deduction 30 Penalty on early withdrawal of savings 31a Alimony paid Recipient's SSN 32 IRA deduction 33 Student loan interest deduction 34 Reserved Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $519,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: R $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19.400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408.200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13.850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 S160700 S204 10531377 nime 320 of the Ye lor $160 700 $612,350 - $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 - $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175