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

 

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Required Informatlon [The following Information applies to the questions displayed below.] Marc and Michelle are marrled and earned salarles this year of $64,000 and $12.000, respectively. In addition to their salarles, they recelved Interest of $350o from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald 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 $2.000 child tax credit for Matthew. Marc and Michelle pald $6,000 of expenditures that qualify as Itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over S168,400 $ 0 $ 19,400 $ 78,950 $168,400 $168,400 $321,450 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over S408,200 $164,709.50 plus 37% of the excess over S612,350 $408,200 $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $ 84,200 $ 13,850 $ 52,850 $ 84,200 |10% of taxable income S1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over S84,200 $160,700 $160,700 $204,100 S31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over S510,300 $204,100 $510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,700 $ 39,475 $ 84,200 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 S82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175 $306,175 What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Is 64,000 Michelle's salary 12,000 Corporate bond interest 500 Gross income IS 76,500 b. What is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income S 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from s 23.700 AGI d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Тахаble income $ 48.800 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 600 Required Informatlon [The following Information applies to the questions displayed below.] Marc and Michelle are marrled and earned salarles this year of $64,000 and $12.000, respectively. In addition to their salarles, they recelved Interest of $350o from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald 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 $2.000 child tax credit for Matthew. Marc and Michelle pald $6,000 of expenditures that qualify as Itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over S168,400 $ 0 $ 19,400 $ 78,950 $168,400 $168,400 $321,450 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over S408,200 $164,709.50 plus 37% of the excess over S612,350 $408,200 $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $ 84,200 $ 13,850 $ 52,850 $ 84,200 |10% of taxable income S1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over S84,200 $160,700 $160,700 $204,100 S31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over S510,300 $204,100 $510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,700 $ 39,475 $ 84,200 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 S82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175 $306,175 What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Is 64,000 Michelle's salary 12,000 Corporate bond interest 500 Gross income IS 76,500 b. What is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income S 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from s 23.700 AGI d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Тахаble income $ 48.800 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 600 Required Informatlon [The following Information applies to the questions displayed below.] Marc and Michelle are marrled and earned salarles this year of $64,000 and $12.000, respectively. In addition to their salarles, they recelved Interest of $350o from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald 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 $2.000 child tax credit for Matthew. Marc and Michelle pald $6,000 of expenditures that qualify as Itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over S168,400 $ 0 $ 19,400 $ 78,950 $168,400 $168,400 $321,450 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over S408,200 $164,709.50 plus 37% of the excess over S612,350 $408,200 $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $ 84,200 $ 13,850 $ 52,850 $ 84,200 |10% of taxable income S1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over S84,200 $160,700 $160,700 $204,100 S31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over S510,300 $204,100 $510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,700 $ 39,475 $ 84,200 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 S82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175 $306,175 What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Is 64,000 Michelle's salary 12,000 Corporate bond interest 500 Gross income IS 76,500 b. What is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income S 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from s 23.700 AGI d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Тахаble income $ 48.800 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 600 Required Informatlon [The following Information applies to the questions displayed below.] Marc and Michelle are marrled and earned salarles this year of $64,000 and $12.000, respectively. In addition to their salarles, they recelved Interest of $350o from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald 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 $2.000 child tax credit for Matthew. Marc and Michelle pald $6,000 of expenditures that qualify as Itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over S168,400 $ 0 $ 19,400 $ 78,950 $168,400 $168,400 $321,450 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over S408,200 $164,709.50 plus 37% of the excess over S612,350 $408,200 $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $ 84,200 $ 13,850 $ 52,850 $ 84,200 |10% of taxable income S1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over S84,200 $160,700 $160,700 $204,100 S31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over S510,300 $204,100 $510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,700 $ 39,475 $ 84,200 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 S82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175 $306,175 What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Is 64,000 Michelle's salary 12,000 Corporate bond interest 500 Gross income IS 76,500 b. What is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income S 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from s 23.700 AGI d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Тахаble income $ 48.800 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 600 Required Informatlon [The following Information applies to the questions displayed below.] Marc and Michelle are marrled and earned salarles this year of $64,000 and $12.000, respectively. In addition to their salarles, they recelved Interest of $350o from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald 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 $2.000 child tax credit for Matthew. Marc and Michelle pald $6,000 of expenditures that qualify as Itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over S168,400 $ 0 $ 19,400 $ 78,950 $168,400 $168,400 $321,450 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over S408,200 $164,709.50 plus 37% of the excess over S612,350 $408,200 $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $ 84,200 $ 13,850 $ 52,850 $ 84,200 |10% of taxable income S1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over S84,200 $160,700 $160,700 $204,100 S31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over S510,300 $204,100 $510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,700 $ 39,475 $ 84,200 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 S82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175 $306,175 What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Is 64,000 Michelle's salary 12,000 Corporate bond interest 500 Gross income IS 76,500 b. What is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income S 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from s 23.700 AGI d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Тахаble income $ 48.800 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 600 Required Informatlon [The following Information applies to the questions displayed below.] Marc and Michelle are marrled and earned salarles this year of $64,000 and $12.000, respectively. In addition to their salarles, they recelved Interest of $350o from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an Individual retirement account, and Marc pald 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 $2.000 child tax credit for Matthew. Marc and Michelle pald $6,000 of expenditures that qualify as Itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over S168,400 $ 0 $ 19,400 $ 78,950 $168,400 $168,400 $321,450 $321,450 $408,200 S65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over S408,200 $164,709.50 plus 37% of the excess over S612,350 $408,200 $612,350 $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $ 84,200 $ 13,850 $ 52,850 $ 84,200 |10% of taxable income S1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over S84,200 $160,700 $160,700 $204,100 S31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over S510,300 $204,100 $510,300 $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,700 $ 39,475 $ 84,200 $ 9,700 $ 39,475 $ 84,200 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $160,725 $160,725 $204,100 S32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 S82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175 $306,175 What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Is 64,000 Michelle's salary 12,000 Corporate bond interest 500 Gross income IS 76,500 b. What is Marc and Michelle's adjusted gross Income? Answer is complete and correct. Adjusted gross income S 72,500 c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from s 23.700 AGI d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Тахаble income $ 48.800 e. What is Marc and Michelle's taxes payable or refund due for the year? Answer is complete but not entirely correct. Refund due 600

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What is Marc and Michelles gross income 76500 Calculation are at end b What is Marc and Michelles ad... View the full answer