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What is Molly and Mark gross income

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Problem - Molly and Mark are wife and husband and earned salaries this year of $12,000 and $64.000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Mark and Molly also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in the amount of $1,500. Mark and Molly have a 10-year-old son, Matt, who lived with them throughout the entire year. Thus, Marc and Molly are allowed to claim a $1,000 child tax credit for Matt. Mark and Molly 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 pay-checks during the course of the year.

Required -

a. What is Molly and Mark's gross income?

b. What is Molly and Mark's adjusted gross income?

c. What is the total amount of Molly and Mark's deductions from AGI?

d. What is Molly and Mark's taxable income?

e. What is Molly and Mark's taxes payable or refund due for the year (use the tax rate schedules)?

f. Complete the first two pages of Molly and Mark's Form 1040 (download forms from the IRS website).

Reference no: EM132825744

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