Reference no: EM132955373
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 paid $1,500 in alimony to a prior spouse. 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 $2,000 in 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 course of the year.
Problem 1. What is Marc and Michelle's total income?
Problem 2. What is Marc and Michelle's adjusted gross income (AGI)?
Problem 3. What is the total amount of Marc and Michelle's deductions from AGI?
Problem 4. What is Marc and Michelle's taxable income?
Problem 5. What is Marc and Michelle's taxes payable or refund due for the year?
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