Required information [The following information applies to the questions displayed below.] Marc and...
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[The following information applies to the questions displayed below.] 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 and Michelle also paid $2,500 of qualifying moving expenses, 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 $1,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. (use the tax rate schedules. )
a. What is Marc and Michelle's gross income? Answer is complete and correct. Description Amount Marc's salary Michelle's salary Corporate bond interest 64,000 12,000 500 Gross income 76,500 and Michelle's adjusted gross ind Answer is complete and correct. Adjusted gross income $ 72,500
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