Question: Required information Comprehensive Problem 4-56 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below] Marc and Milckel are
Required information Comprehensive Problem 4-56 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below] Marc and Milckel are married and earned salaries this year of $64,900 and $17,400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $950 from corporate bonds. Marc contributed $2,950 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,950 funder 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 daim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,900 of expenditures that qualify as itemized deductions, and they had a total of $3,130 in federal income taxes withheld from their paychecks during the year (Use the tax rate schedules) Comprehensive Problem 4.56 Part-a through e (Algo) Required: 0. What is Marc and Mikkel's gross income? b. What is Marc and Mikcel's adjusted gross income? c. What is the total amount of Marc and Milckels deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikcel's taxes payable or refund due for the yea
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