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Marc and Mikkel are married and earned salaries this year of $64,600 and $15,600, respectively....

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Accounting

Marc and Mikkel are married and earned salaries this year of $64,600 and $15,600, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $800 from corporate bonds. Marc contributed $2,800 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,800 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,600 of expenditures that qualify as itemized deductions, and they had a total of $3,115 in federal income taxes withheld from

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