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In: Accounting

QUESTION 11 Marc and Michelle are married and earned salaries this year of $68,000 and $15,000,...

QUESTION 11

  1. Marc and Michelle are married and earned salaries this year of $68,000 and $15,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $3,000 to a qualified Individual Retirement Account, and Marc paid alimony to a prior spouse in the amount of $1,500 (2017 divorce).  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 course of the year. What is Marc and Michelle’s gross income?

QUESTION 12

  1. Same facts as Question 11 – What is Marc and Michelle’s adjusted gross income?

  

QUESTION 13

  1. Same facts as Question 11 – What is Marc and Michelle’s taxable income?

QUESTION 14

  1. Same facts as Question 11 – What is Marc and Michelle’s taxes payable or refund due?

Solutions

Expert Solution

Question:

Marc and Michelle are married and earned salaries this year of $68,000 and $15,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $3,000 to a qualified Individual Retirement Account, and Marc paid alimony to a prior spouse in the amount of $1,500 (2017 divorce).  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 course of the year. What is Marc and Michelle’s gross income?

Answer:

What is Marc and Michelle’s gross income?

  • $83850

What is Marc and Michelle’s adjusted gross income?

  • $79350

What is Marc and Michelle’s taxable income?

  • $54950

What is Marc and Michelle’s taxes payable or refund due?

  • $706

ekkarill92 answered 1 year ago
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