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Required information [The following information applies to the questions displayed below.] Marc and Michelle are...

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Accounting

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Required information [The following information applies to the questions displayed below.] Marc and Michelle are married and earned salaries this year of $65,600 and $12,600, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $700 from corporate bonds. Marc contributed $2,700 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1700 (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 paid $6.400 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $3,105 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI d. What is Marc and Michelle's taxable income? Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year? Refund due

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