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What is Marc and Michelle adjusted gross income

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Question - Marc an 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 $1500. Marc and Michelle have a 10-year old so, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tac 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 curse of the year.

Required -

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 an 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?

Reference no: EM132486942

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