Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively....
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Marc and Michelle are married and earned salaries this year of $ and $ respectively. In addition to their salaries, they received interest of $ from municipal bonds and $ from corporate bonds. Marc contributed $ to a traditional individual retirement account, and he also paid alimony to a prior spouse in the amount of $under a divorce decree effective June Marc and Michelle have a yearold son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $ child tax credit for Matthew. Marc and Michelle paid $ of expenditures that qualify as itemized deductions no charitable contributions and they had a total of $ in federal income taxes withheld from their paychecks during the year. Assume their standard deduction for this year was $ What is Marc and Michelles taxable income?
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