Required information [The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $73,600 and $15,600, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,700 from corporate bonds. Marc contributed $3.700 to an individual retirement account, and Mare paid alimony to a prior spouse in the amount of $2.700 (under a divorce decree effective June 1, 2005). Mare 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 $8.400 of expenditures that qualify as itemized deductions and they had a total of $7.285 in federal income taxes withheld from their paychecks during the year (Use the tax rate schedules) c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI $ 24,000 d. What is Marc and Michelle's taxable income? Taxable income $ 60.500 d. What is Marc and Michelle's taxable income? Taxable income $ 60,500 e. What is Marc and Michelle's taxes payable or refund due for the year? Refund due $ 2,000