Question: HELP! Complete Marc and Michelles Form 1040, pages 1 and 2, and Schedule 1. 2020 TAX RATES Marc and Michelle are married and earned salaries

HELP! Complete Marc and Michelles Form 1040, pages 1 and 2, and Schedule 1. 2020 TAX RATES

Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). 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 paid $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 year. (Use the tax rate schedules.)

Extra info: Do not skip rows, while entering in Deductions section of Form 1040 PG1. The refundable portion of the Child Tax Credit is $1,400. Use 2020 tax laws and 2019 tax form. ) Neither Marc nor Michelle wish to contribute to the Presidential Election Campaign fund

I already have this info:

gross income= 76500

adjusted gross income= 72500

Marc and Michelles deductions from AGI= 24800

Marc and Michelles taxable income= 47700

Marc and Michelles taxes payable or refund due for the year= Refund due is $171

Use the tax rate schedules: 2020 TAX RATES

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)

If taxable income is over: But not over: The tax is:
$ 0 $ 19,750 10% of taxable income
$ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750
$ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250
$171,050 $326,600 $29,211 plus 24% of the excess over $171,050
$326,600 $414,700 $66,543 plus 32% of the excess over $326,600
$414,700 $622,050 $94,735 plus 35% of the excess over $414,700
$622,050 $167,307.50 plus 37% of the excess over $622,050

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f