Required information [The following information applies to the questions displayed below] Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned saiaries 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 a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effectlve June 1, 2006). Marc and Mikkel have a 10-yearold adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikkel's deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes payable or refund due for the year? What is Marc and Mikckel's taxable income? Required information [The following information applies to the questions displayed below.] Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they recelved interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-yearold adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules) Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikkel's deductions from AGI? d. What is Marc and Mikker's taxable income? e. What is Marc and Mikkel's taxes payable or refund due for the year? What is Marc and Mikkers taxes payable or refund due for the year? Individuals Required information [The following information applies to the questions displayed bolow] Marc and Mikkel are married and file a joint tax return. Marc and Mikkel 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 a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce dectee effective June 1, 2006). Marc and Mikkel have a 10-yearold adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 chilid tax credit for Moson. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions. and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules. Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikker's deductions from AGI? d. What is Morc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes poyoble or refund due for the year? What is the total bimount of Mare and Mikkens deductions from AGI
