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Required information [The following information applies to the questions displayed below] Marc and Mikkel are married and file a joint tax return. Marc and Mikkel
Required information [The following information applies to the questions displayed below] Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $65,900 and $23,400, respectively. In addition to their salaries, thoy received interest of $388 from municipal bonds and $1,450 from corporate bonds. Marc contributed $3,450 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,450 (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 $2,000child tax credit for Mason, Marc and Mikkel paid $7,900 of expenditures that qualify as itemized deductions, and they had a total of $3,412 in federal income taxes withheld from their paychecks during the year. (Use the tex 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 Mare 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? What is Mare and Mikkel's taxes payable or refund due for the year
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