Marc and Johanne are married with a 10-year-old child, who lives with them, and they financially support. In 2022, Marc and Johanne realized the following items of income: Marc's salary $45.000 Johanne's salary $90,000 Municipal bond interest income $1,200 In addition, Marc and Johanne incurred $18,750 of itemized deductions in 2022. Their employers withheld $14,000 in federal income taxes from their paychecks (in aggregate). Finally, Marc and Johanne's 10-year-old child qualifies for the $2,000 child tax credit Compute Mare and Johanne's tax due or (refund ) for 2022. Show all your work to receive credit.

Answer rating: 100% (QA)

To calculate Marc and Johannes tax obligation or refund for 2022 we need to follow these steps 1 Calculate their adjusted gross income AGI by adding a... View the full answer