Business, 17.10.2020 20:01 bettybales1986

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 and Michelle also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in the amount of $1,500. 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 $1,000 child tax credit for Matthew. Marc and Michelle 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 paychecks during the course of the year. a) What is Marc and Michelleâ€™s gross income?

b) What is Marc and Michelleâ€™s adjusted gross income?

c) What is the total amount of Marc and Michelleâ€™s deductions from AGI?

d) What is Marc and Michelleâ€™s taxable income?

e) What is Marc and Michelleâ€™s taxes payable or refund due for the year? (Use the tax rate schedules.)

f) Complete the first two pages of Marc and Michelleâ€™s Form 1040 (use 2015 forms if 2016 forms are unavailable).

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Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In...

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