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 $5,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Comprehensive Problem 4-54 Part-a through e a. What is Marc and Michelle's gross income? Description Amount Gross income Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) C If taxable income is over: But not over The tax is 19,050 10% of taxable income 0 $1,905 plus 12% of the excess over $19,050 77,400 19,050 $8,907 plus 22% of the excess over $77,400 77,400 $165,000 $28,179 plus 24% of the excess over $165,000 $165,000 $315,000 $64,179 plus 32% of the excess over $315,000 $315,000 $400,000 $91,379 plus 35% of the excess over $400,000 $400,000 $600,000 $161,379 plus 37% of the excess over $600,000 $600,000 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: 13,600 10% of taxable income 0 $1,360 plus 12% of the excess over $13,600 13,600 51,800 $5,944 plus 22% of the excess over $51,800 51,800 82,500 $12,698 plus 24% of the excess over $82,500 $157,500 82,500 $30,698 plus 32% of the excess over $157,500 $157,500 $200,000 $44,298 plus 35% of the excess over $200,000 $200,000 $500,000 $149,298 plus 37% of the excess over $500,000 $500,000 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is $ 10% of taxable income 0 9,525 S 38,700 $952.50 plus 12% of the excess over $9,525 9,525 $4,453.50 plus 22% of the excess over 38,700 $38,700 82,500 $14,089.50 plus 24% of the excess over $157,500 $82,500 82,500 $32,089.50 plus 32% of the excess over $157,500 $157,500 $200,000 $45,689.50 plus 35% of the excess over $200,000 $300,000 $200,000 $80,689.50 plus 37% of the excess over $300,000 $300,000 b. What is Marc and Michelle's adjusted gross income? Adjusted gross income c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI d. What is Marc and Michelle's taxable income? Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year