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Required information [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,
Required information [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 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 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 $6,000 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Complete Schedule 1 of Form 1040 for Marc and Michelle. (Use the most recent form available). Visit the IRS website and download Schedule 1 of Form 1040. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save
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