Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information [the following information ap

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

70.2K

Verified Solution

Question

Accounting

image
image
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

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

To a 100.0mL volumetric flask are added 1.00 mL volumes of three solutions: 0.0100 M AgNO3,...

Chemistry
Q

Robot No. 5 (mass 273kg) and Prisoner No. 6 (mass 66kg) stand on a frictionless ice...

Physics
Q

The current population of Tanzania is 49.3 million with a population growth rate of 2.53% per...

Advance Math
Q

Consider the following linear program. Maximize z= 5x1+ 3x2 subject to 3x1+ 5x2?15 5x1+ 2x2?10 – x1+ x2?2 x2?2.5 x1?0,...

Advance Math
Q

All the following are types of substrates used in mammalian cell culture to potentially increase...

Biology
Q

A convex lens of focal length 20 cm and a concave mirror having their principal...

Physics
Q

Before we start multiplying, we notice that (6x9)(6x - 9) =expression.(6x - 9)2 (6x9)(6x -...

Basic Math
Q

Two trains leave towns 314 miles apart at the same time and travel toward each...

Basic Math
Q

Effective RentThis project requires you to compute the effective rent per square foot for a...

Accounting
Q

Yelena is a 45% owner of a calendar year S corporation name "Easy Corporation" during...

Accounting
Q

The marketing department of Goethe Inc. has submitted the following sales forecast for 2024: ...

Accounting
Q

You purchase a T-note with the last coupon payment occurred 80 days ago. The next...

Finance