Question
In: Accounting
1. Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively....
1. 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 he also paid alimony to a prior spouse in the amount of $1,500. 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.
c. What is the total amount of Marc and Michelle’s deductions from AGI?
d. What is Marc and Michelle’s taxable income?
e. What is Marc and Michelle’s taxes payable or refund due for the year (use the tax rate schedules)?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In...
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. 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...
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000 respectively.
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 that he also paid alimony to a prior spouse in
the amount of $1,500. 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...
Marc and Michelle are married and earned salaries this year of $60,000 and $12,000, respectively. In...
Marc and Michelle are married and earned salaries this year of
$60,000 and $12,000, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $500 from
corporate bonds. Marc contributed $3,000 to a qualified Individual
Retirement Account, and Marc paid alimony to a prior spouse in the
amount of $1,500. 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...
Marc and Michelle are married and earned salaries this year of $69,600 and $14,100, respectively. In...
Marc and Michelle are married and earned salaries this year of
$69,600 and $14,100, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $1,200 from
corporate bonds. Marc contributed $3,200 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $2,200. 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...
Marc and Michelle are married and earned salaries this year of $69,200 and $13,950 respectively. In...
Marc and Michelle are married and earned salaries this year of
$69,200 and $13,950 respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $1,150 from
corporate bonds. Marc contributed $3,150 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $2,150. 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...
Marc and Michelle are married and earned salaries this year of $64,800 and $12,300, respectively. In...
Marc and Michelle are married and earned salaries this year of
$64,800 and $12,300, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $600 from
corporate bonds. Marc contributed $2,600 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $1,600. 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...
Marc and Michelle are married and earned salaries this year of $73,200 and $15,450, respectively. In...
Marc and Michelle are
married and earned salaries this year of $73,200 and $15,450,
respectively. In addition to their salaries, they received interest
of $350 from municipal bonds and $1,650 from corporate bonds. Marc
contributed $3,650 to an individual retirement account, and Marc
paid alimony to a prior spouse in the amount of $2,650. 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...
Marc and Michelle are married and earned salaries this year of $68,000 and $13,500, respectively. In...
Marc and Michelle are married and earned salaries this year of
$68,000 and $13,500, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $1,000 from
corporate bonds. Marc contributed $3,000 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $2,000. 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...
Marc and Michelle are married and earned salaries this year of $73,200 and $15,450, respectively. In...
Marc and Michelle are
married and earned salaries this year of $73,200 and $15,450,
respectively. In addition to their salaries, they received interest
of $350 from municipal bonds and $1,650 from corporate bonds. Marc
contributed $3,650 to an individual retirement account, and Marc
paid alimony to a prior spouse in the amount of $2,650. 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...
Marc and Michelle are married and earned salaries this year of $67,600 and $13,350, respectively. In...
Marc and Michelle are married and earned salaries this year of
$67,600 and $13,350, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $950 from
corporate bonds. Marc contributed $2,950 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $1,950. 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...
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