40. Marc and Michelle are married and earned salaries this year (2009) of $64,000 and...
60.1K
Verified Solution
Link Copied!
Question
Accounting
40. Marc and Michelle are married and earned salaries this year (2009) 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 Michelles gross income? b. What is Marc and Michelles adjusted gross income? c. What is the total amount of Marc and Michelles deductions from AGI? d. What is Marc and Michelles taxable income? e. What is Marc and Michelles taxes payable or refund due for the year? (Use the 2017 tax rate schedules.)
What is Marc and Michelles gross income?
$76,500.
What is Marc and Michelles adjusted gross income?
$72,500.
What is the total amount of Marc and Michelles deductions from AGI?
$22,350 is the incorrect answer ...i also answered 22300 and 4000 and it was also wrong ... please help me figure it out
What is Marc and Michelles taxable income?
$50,150 is incorrect
What is Marc and Michelles taxes payable or refund due for the year (use the tax rate schedules)?
$188 taxes payable. is incorrect
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!