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 an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). 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 $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available) Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054 Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333 44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271,50 plus 32% of the excess over $163,300 $207,350 $311,025 $47,367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37% of the excess over $311,025 1 1 Wagon, salarios, tips, etc. Altach Form(s) W-2 2a Tax-exempt interest 2a 20 3a Qualified dividends 3a 350 1b Taxable interest. Attach Sch. Bi required b Ordinary dividends. Altach Sch. Bit required bTaxable amount 3b 4a IRA distributions 40 45 c Pensions and annuities 40 d Taxable amount ud 5a Social security benefits 5a Taxable amount 5b 6 Capital gain or loss). Attach Schedule D if required. If not required, check here 6 7a Other income from Schedule 1, line 9 Ta b Add lines 1, 20, 30, 45, 4, 5, 6, and 7a. This is your local income 7b 8 a Adjustments to income from Schedule 1, line 22 Ba b Subtractine Ba from lite 7. This is your adjusted gross income HD 9 Standard deduction or itemized deductions (from Schedule A) 9 10 Quaified business income deduction. Attach Form 8995 or Form 8996-A 10 11a Add Ines 9 and 10 11a b Taxable income. Subtract line 11a from line 86. If zero or less enter- 116 y Act, and Paperwork Reduction Act Notice, see separate instructions. Cat No. 113208 Form 10 MULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. Mc-HE Furation 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 an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). 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 $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available) Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054 Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333 44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271,50 plus 32% of the excess over $163,300 $207,350 $311,025 $47,367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37% of the excess over $311,025 1 1 Wagon, salarios, tips, etc. Altach Form(s) W-2 2a Tax-exempt interest 2a 20 3a Qualified dividends 3a 350 1b Taxable interest. Attach Sch. Bi required b Ordinary dividends. Altach Sch. Bit required bTaxable amount 3b 4a IRA distributions 40 45 c Pensions and annuities 40 d Taxable amount ud 5a Social security benefits 5a Taxable amount 5b 6 Capital gain or loss). Attach Schedule D if required. If not required, check here 6 7a Other income from Schedule 1, line 9 Ta b Add lines 1, 20, 30, 45, 4, 5, 6, and 7a. This is your local income 7b 8 a Adjustments to income from Schedule 1, line 22 Ba b Subtractine Ba from lite 7. This is your adjusted gross income HD 9 Standard deduction or itemized deductions (from Schedule A) 9 10 Quaified business income deduction. Attach Form 8995 or Form 8996-A 10 11a Add Ines 9 and 10 11a b Taxable income. Subtract line 11a from line 86. If zero or less enter- 116 y Act, and Paperwork Reduction Act Notice, see separate instructions. Cat No. 113208 Form 10 MULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. Mc-HE Furation