Business
Business, 11.02.2021 21:40, samariahmiddlebrooks

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 child tax credit for Matthew. Marc and Michelle paid $7,300 of expenditures that qualify as itemized deductions and they had a total of $6,330 in federal income taxes withheld from their paychecks during the course of the year. (Use the 2018 tax rate schedules.) a. What is the total amount of Marc and Michelle's deductions from AGI?
b. What is Marc and Michele's adjusted gross income?

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Marc and Michelle are married and earned salaries this year of $69,200 and $13,950 respectively. In...

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