Reference no: EM132228119
Question - John and Katy are married couple, filling jointly.
Income for John $64,000
Income for Michelle $12,000
$350 interest from municipal bonds
$500 interest from corporate bonds
John contributed $2500 to individual retirement account
John paid alimony $1500
The couple has 1 one 10-year old son.
They allowed to claim $2000 child tax credit
Paid $6,000 in expenditures that can qualify as itemized deductions $5,500 withheld in federal income tax from their paychecks.
Given the provided information what we should expect to be the couple's gross income, adjusted gross income, total deduction from agi, taxable income, should they receive refund or pay taxes, based on the 2018 schedule.