Business, 12.03.2021 15:10, TombRaider167

Marc and Michelle are married and earned salaries this year of $72,800 and $15,300, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,600 from corporate bonds. Marc contributed $3,600 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,600 (under a divorce decree effective June 1, 2005). 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 $8,200 of expenditures that qualify as itemized deductions and they had a total of $6,955 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Required:
a. What is the total amount of Marc and Michelle’s deductions from AGI?
b. What is Marc and Michelle’s taxable income?
c. What is Marc and Michelle’s taxable income?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 13:00, mamabates181981

Employee engagement is considered a key workplace attitude that can us to understand how an organization is doing. engaged employees can be described as those that "give their all" at work. this activity is important because it will you recognize some of the factors that contribute to, and some of the outcomes of, employee engagement. as a manager, this knowledge will you to foster a work environment where your employees are more engaged. the goal of this exercise is for you to demonstrate your understanding of the factors and outcomes of employee engagement. for each factor listed below, decide whether it is a factor that increases employee engagement, a factor that decreases employee engagement, or an outcome of employee engagement.

Answers: 2

continue

Business, 22.06.2019 00:00, kluckey3426

Which statement is true of both presidential and parliamentary systems of government? a. the executive branch operates independently from the legislative branch. b. the members of the legislative branch are directly elected by the people. c. the head of government is chosen by members of his or her political party. d. the head of government is directly elected by the people

Answers: 1

continue

Business, 22.06.2019 03:00, bettybales1986

If you were running a company, what are at least two things you could do to improve its productivity.

Answers: 1

continue

Business, 22.06.2019 04:30, lizdeleon248

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.

Answers: 1

continue

Do you know the correct answer?

Marc and Michelle are married and earned salaries this year of $72,800 and $15,300, respectively. In...