USING THE 2018 (new version of the tax form!!!!) 1040 INDIVIDUAL INCOME TAX RETURN AND ADDITIONAL INCOME AND ADJUSTMENTS TO INCOME (schedule 1)

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 that he also paid alimony to a prior spouse in the amount of $1,500. 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 $5,500 in federal income taxes withheld from their paychecks during the course of the year.

Fill our the attached 1040 and schedule 1 and answers these questions:

1) What is Marc and Michelle's gross income?

2) What is MArc and Michelle's adjusted gross income?

3) What is the total amount of Marc and Michelle's deductions from AGI?

4) What is Marc and Michelle's taxable income?

5) What is MArc and Michelle's taxes payable or refund de for the year (use the tax rate schedules)?