(The following information applies to the ques Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2.500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). 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 $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year (Use the tax rate schedules.) Answer is complete and correct. Description Marc's salary Michelle's salary Amount 64,000 12,000 Corporate bond interest Gross income 500 $ 76,500 b. What is Marc and Michelle's adjusted gross income? Answer is complete but not entirely correct. Adjusted gross $ 76,500 income c. What is the total amount of Marc and Michelle's deductions from AGI? Search C 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 $ 2,440 d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Taxable income s 48,100 % e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due $ 123