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Hei Required Information The following information applies to the questions displayed below) Marc and Michelle...

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Accounting

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Hei Required Information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $70,000 and $14,250, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,250 from corporate bonds. Marc contributed $3,250 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,250 (under a divorce decree effective June 1, 2006). 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 $3,000 child tax credit for Matthew Marc and Michelle pald $7,500 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $4150 in federal income taxes withheld from their paychecks during the year (Use the tax rote schedules) a. What is Marc and Michelle's gross income? Description Amount 0 Gross income

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