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Tax rate schedules:

Required information [The following information applies to the questions displayed below.] Marc and Michelle are married and earned salaries this year of $71,200 and $14,700, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,400 from corporate bonds. Marc contributed $3,400 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,400 (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 $7,800 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4,165 in federal income taxes withheld from their paychecks during the year. (Use the a. What is Marc and Michelle's gross income? b. What is Marc and Michelle's adjusted gross income? c. What is the total amount of Marc and Michelle's deductions from AGI? d. What is Marc and Michelle's taxable income? e. What is Marc and Michelle's taxes payable or refund due for the year? 2021 Tax Rate Schedules Schedule Z-Head of Household \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$ & $14,200 & 10% of taxable income \\ \hline$14,200 & $54,200 & $1,420 plus 12% of the excess over $14,200 \\ \hline$54,200 & $86,350 & $6,220 plus 22% of the excess over $54,200 \\ \hline$86,350 & $164,900 & $13,293 plus 24% of the excess over $86,350 \\ \hline$164,900 & $209,400 & $32,145 plus 32% of the excess over $164,900 \\ \hline$209,400 & $523,600 & $46,385 plus 35% of the excess over $209,400 \\ \hline$523,600 & & $156,355 plus 37% of the excess over $523,600 \\ \hline \end{tabular} Schedule Y-2-Married Filing Separately