Required information The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,300. 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 $7,600 of expenditures that qualify as itemized deductions and they had a total of $6,665 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) a. What is Marc and Michelle's gross income? Answer is complete and correct. $ Description Marc's salary Michelle's salary Corporate bond interest Amount 70,400 14,400 1,300 Gross income $ 36,100 b. What is Marc and Michelle's adjusted gross income? points Answer is complete and correct. Adjusted gross $ 80,500 income c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from AGI $ 23,300 d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. $ 57,200 Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due $ 2,189 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: 5 0 9 ,700 107 of taxable income $9.00 39.4755970 plus 125 of the excess over 59,700 $ 39475 S 84.00 $4,543 plus 2 of the excess over $19,475 S $10.725 $14. 1 0 plus 34 of the crossover $84,200 S160725 5204,100 $12,745 50 plus 2 of the excess over $160,725 52000 5510. 0 plus of the less over $204,100 S$10.00 - 5153.798 50 plus 37% of the excess over $510.300 Schedule Y-1. Married Filing Jointly or Qualifying Widower) I table in the over The taxis 0 1 9400 110 of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 S40 $168.400 59.86 plus 22 of the excess over $78.950 $168.400 3 321450 $28.765 plus 24% of the ERCONS Over $168.400 5321450 $408.200565 497 plus 32% of the excess over $321450 $408.200 $612,350 $93.257 plus 35% of the excess over $408.200 5612190 $164,709 50 plus 37% of the excess over $612.350 Schedule Z-Head of Household Ir taxable income is ever. But not over: The tax is: O S 1350 10 of the income S 13. SO S 52 SO SI 85 plus 12% of the excess over $13.50 S 300 22 of the excess over $250 S 840 S160,700 1512.962 plus 24 of the excess over $84.200 5204,100 $31.322 plus 32 of the EROS Over $160,700 5204,100 5510,300 $45.210 plus 35% of the excess over $204,100 5510 10 5152380 plus 37 of the excess over 5510,300 Schedule Y-3-Married Filing Separately Ir taxable income is over. But not over. The tax is: 0 59,00 10% of taxable income 9.00 $ 9.475 590 plus 12% of the excess over 59,700 S 39.475 $ 84.20054543 plus 22% of the excess over $39475 S 84200 $160,725 $14,382.50 plus 24% of the excess over $84.200 $160.725 5204,100 $32,748.50 plus 32% of the excess over $160,725 5204.100 ISO 175 350 plus 15 of the excess over $204,100 $82.354.75 plus 37% of the excess over $306,175 06.175
