Question: I need help w section E Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is:

 I need help w section E Schedule Y-1-Married Filing Jointly or

I need help w section E

Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse

If taxable income is over: But not over: The tax is:
$ 0 $ 22,000 10% of taxable income
$ 22,000 $ 89,450 $2,200 plus 12% of the excess over $22,000
$ 89,450 $ 190,750 $10,294 plus 22% of the excess over $89,450
$ 190,750 $ 364,200 $32,580 plus 24% of the excess over $190,750
$ 364,200 $ 462,500 $74,208 plus 32% of the excess over $364,200
$ 462,500 $ 693,750 $105,664 plus 35% of the excess over $462,500
$ 693,750 $186,601.5 plus 37% of the excess over $693,750

Required information [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 $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 a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). 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 $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikkel's deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes payable or refund due for the year? What is Marc and Mikkel's taxes payable or refund due for the year? Required information [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 $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 a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). 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 $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the Required: a. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikkel's deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes payable or refund due for the year? What is Marc and Mikkel's taxes payable or refund due for the year

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!