Business, 12.03.2021 15:10 TombRaider167

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 (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 $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 year. (Use the tax rate schedules.) Required:
a. What is the total amount of Marc and Michelle’s deductions from AGI?
b. What is Marc and Michelle’s taxable income?
c. What is Marc and Michelle’s taxable income?

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Marc and Michelle are married and earned salaries this year of $72,800 and $15,300, respectively. In...

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