! Required information [The following information applies to the questions displayed below.] Marc and Michelle are married and earned salaries this year of $70,800 and $14,550, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,350 from corporate bonds. Marc contributed $3,350 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,350 (under a divorce decree effective June 1, 2006). 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 $3,000 child tax credit for Matthew. Marc and Michelle paid $7,700 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4,160 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.)