Required information [The following information applies to the questions displayed below.] Marc and Mikkel are married and earned salaries this year of $66,300 and $25,800, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,650 from corporate bonds. Marc contributed $3,650 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,650 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old 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 $8,300 of expenditures that qualify as itemized deductions, and they had a total of $4,190 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? Answer is complete but not entirely correct. Required A Required B Required C Required D Required E What is Marc and Mikkel's gross income? What is Marc and Mikkel's gross income? Description Marc's salary Mikkel's salary Corporate bond interest Gross income Amount $ 66,300 25,800 1,650 93,750 Required A Required B > What is Marc and Mikkel's adjusted gross income? Adjusted gross income $ 87,450 What is the total amount of Marc and Mikkel's deductions from AGI? Total deductions from AGI $ 25,100 What is Marc and Mikkel's taxable income? Taxable income $ 62,350 x What is Marc and Mikkel's taxes payable or refund due for the year? Taxes payable SA 881 X