Comprehensive Problem $4-56($LO $4-1,$ LO $4-2,$ LO $4-3)($Algo$)$

Skip to question

$[$The following information applies to the questions displayed below.$]$

Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $$66,000$ and $$24,000,$ respectively. In addition to their salaries, they received interest of $$390$ from municipal bonds and $$1,500$ from corporate bonds. Marc contributed $$3,500$ to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $$2,500($under a divorce decree effective June $1,2017).$ Marc and Mikkel have a $10-$year$-$old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $$2,000$ child tax credit for Mason. Marc and Mikkel paid $$8,000$ of expenditures that qualify as itemized deductions, and they had a total of $$3,460$ in federal income taxes withheld from their paychecks during the year. $($Use the tax rate schedules.$)$