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Required information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $73 200 and
Required information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $73 200 and $15,450, respectively in addition to the salaries, they received interest of $350 from municipal bonds and $1650 from corporate bonds Marc contributed $3650 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2.650 (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 $8,300 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4,190 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules a. What is Marc and Michelle's gross income? $ Description Marc's salary Michelle's salary Corporate bond interest Amount 73 200 15.450 1 650 Gross income $ 90,300 Required Information b. What is Marc and Michelle's adjusted gross income? Add gross income 5 84.000 c. What is the total amount of Marc and Michelle's deductions from AG Tout deductions from ACS d. What is Marc and Michelle's taxable income Table e. What is Marc and Michelle's taxes payable or refund due for the year?
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