Molly and Mark are wife and husband and earned salaries this year of $12,000 and $64,000,...

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Accounting

Molly and Mark are wife and husband and earned salaries thisyear of $12,000 and $64,000, respectively. In addition to theirsalaries, they received interest of $350 from municipal bonds and$500 from corporate bonds. Mark and Molly also paid $2,500 ofqualifying moving expenses, and Marc paid alimony to a prior spousein the amount of $1,500. Mark and Molly have a 10-year-old son,Matt, who lived with them throughout the entire year. Thus, Marcand Michelle are allowed to claim a $1,000 child tax credit forMatt. Mark and Molly paid $6,000 of expenditures that qualify asitemized deductions and they had a total of $5,500 in federalincome taxes withheld from their paychecks during the course of theyear. What is Molly and Mark’s gross income? What is Molly andMark’s adjusted gross income? What is the total amount of Molly andMark’s deductions from AGI? What is Molly and Mark’s taxableincome? What is Molly and Mark’s taxes payable or refund due forthe year (use the tax rate schedules)? Complete the first two pagesof Molly and Mark’s Form 1040 (download forms from the IRSwebsite). 2018 TAX LAW

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The below table summarizes tax calculation for Molly and Mark Salary of Mark 64000 Salary of Molly 12000 Interest from Corporate Bonds 500 Gross Income 76500 Less See Answer

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