! Required information [The following information applies to the questions displayed below.] Marc and Michelle are married and earned salaries this year of $74,000 and $15,750, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,750 from corporate bonds. Marc contributed $3,750 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,750. 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 $8,500 of expenditures that qualify as itemized deductions and they had a total of $7,400 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) a. What is Marc and Michelle's gross income? Description Amount Marc's salary $ 74,000 Michelle's salary 15,750 Corporate bond interest 1,750 $ Gross income 91,500 c. What is the total amount of Marc and Michelle's deductions from AG1? 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