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[The following informotion applies to the questrons displayed below] Marc and Mikkel are marned and file a foint tax return. Marc and Mikkel eamed salarles this year of $64,000 and $12,000. respectively. In addition to their salaries, they recerved interest or $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, Who INed with them throughout the entire year Thus, Marc and Mikkel are allowed to cialm a $2,000 child tax credi for Mason. Marc and Mikkel pald $6,000 of expenditures that qualify as itemized deductions, and they had a total of Required: a. What is Morc and Mikkel's gross income? b. What is Marc and Mikikels adjusted gross income? c. What is the totol amount of Mocc and Mikkeds deductions from AGl? d. What is Narc and Mukdoers tavable income? e. What is Marc and Miwher s tanks payable or refund due for the year? What is Marc and Mikkel's gross income? Required: Q. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the total amount of Marc and Mikker's deductions from AG ?? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkef's raxes payoble or refund cue for the year? Required: o. What is Marc and Mikkel's gross income? b. What is Marc and Mikkel's adjusted gross income? c. What is the totai amount of Marc and Mikkel's deductions from AGI? d. What is Marc and Mikkel's taxable income? e. What is Marc and Mikkel's taxes payabte on refund due for the year? 8 Answer is not complete. What is Mere and Mikkel's taxable ipcome? Mason, who lived with them throughout the entre year Thus, Marc and Mikkel are allowed to clalm a $2,000 child rax credit for Mason. Marc and Mikket paid $6,000 of expenditures thot quolity as itemized deductions, and they had a total of $2500 in federal income taves withineid from their paychecks during the year (Use the tox rare scheduler) Required: a. What is Marc and Mikkeis gross incortie? b. Wriat is Matc and Mikkois adjusted grass iname? c. What is the total amount or Mare and Walkets deductiond fromt pest? d. What Is Marc and Milkcers tavable income? e. Whot is Morc and Wilkwers taxes poyable of refund cuet for the year

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