! Required information (The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $66,400 and $12,900. respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $800 from corporate bonds. Marc contributed $2,800 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,800 (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 $6,600 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $3,115 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) e. What is Marc and Michelle's taxes payable or refund due for the year? Refund due Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300