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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 $72,800 and $15,300, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,600 from corporate bonds. Marc contributed $3,600 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,600. 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 $8,200 of expenditures that qualify as itemized deductions and they had a total of $6,955 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 10% of taxable income $ 19,400 $ 78,950 $168,400 $321,450 $408,200 $612,350 $ 19,400 $ 78,950 $168,400 $321,450 $408,200 $612,350 $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400 $65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over $408,200 $164,709.50 plus 37% of the excess over $612,350 e. What is Marc and Michelle's taxes payable or refund due for the year? Refund due