Required Information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of 564,800 and $12,300, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $600 from corporate bonds. Marc contributed $2,600 to a traditional individual retirement account, and Marc paid alimony to a pnor spouse in the amount of $1600 (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 $6,200 of expenditures that quality as itemized deductions (no charitable contributions) and they had a total of $2,600 in federal income taxes withheld from their paychecks during the year (Use the tax rate schedules) 0. What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Michelle's salary s 12.300 Corporate bond interest 600 Marc's salary 64,800 OOO Gross income 77,700 b. What is Marc and Michelle's adjusted gross income? Answer is complete and correct. Adjusted gross income $ 73,500 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 $ 30,200 d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Taxable income $ 49,500 e. What Is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 41 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $9.950 10% of taxable income S 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 S4,664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 $14,751 plus 24% of the excess over $86,375 S 164.925 S 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over S523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income S 19.900 $ 81,050 $1,990 plus 12% of the excess over $19,900 S 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628.300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income S 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 S 86,350 S 164,900 $13,293 plus 24% of the excess over $86,350 S 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over S523,600 Schedule Y-2-Married Filing Separately If taxable income is over:But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $ 9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209,425 S 314,150 $84,496.75 plus 37% of the excess over $314,150