13 May WHAT IS MARC AND MICHELLE€™S TAXABLE INCOME?
Marc and Michelle are married and earned salaries this year of
$73,200 and $15,450, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $1,650 from
corporate bonds. Marc contributed $3,650 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $2,650. 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 $8,300 of expenditures that qualify
as itemized deductions and they had a total of $7,170 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?
description
amount
gross income
b. What is Marc and Michelle’s adjusted gross
income?
c. What is the total amount of Marc and
Michelle’s deductions from AGI?
d. What is Marc and Michelle’s taxable
income?
e. What is Marc and Michelle’s taxes payable or
refund due for the year?
Marc and Michelle are married and earned salaries this year of
$73,200 and $15,450, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $1,650 from
corporate bonds. Marc contributed $3,650 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $2,650. 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 $8,300 of expenditures that qualify
as itemized deductions and they had a total of $7,170 in federal
income taxes withheld from their paychecks during the course of the
year. (Use the tax rate schedules.)
Download the Tax Form and enter the required values in
the appropriate fields. Complete the first two pages of Marc and
Michelle’s Form 1040 (use the most recent form
available).
Please right click on the attached Adobe document and
select open in new window. Then, download the Tax Form and enter
the required values in the appropriate fields. Save your completed
Tax Form to your computer and then upload it here by clicking
“Browse.” Next, click “Save.”
federal tax procedure
1040 Department of the Treasury—Internal Revenue Service (99)
U.S. Individual Income Tax Return 2017 OMB No. 1545-0074 IRS Use
Only—Do not write or staple in this space. For the year Jan. 1–Dec.
31, 2017, or other tax year beginning , 2017, ending , 20 See
separate instructions. Your first name and initial Last name Your
social security number
If a joint return, spouse’s first name and initial Last name
Spouse’s social security number
â–² Make sure the SSN(s) above and on line 6c are correct.
Home address (number and street). If you have a P.O. box, see
instructions. Apt. no.
City, town or post office, state, and ZIP code. If you have a
foreign address, also complete spaces below (see
instructions).
Foreign country
name
Foreign
province/state/county
Foreign postal code
Presidential Election Campaign Check here if you, or your spouse if
filing jointly, want $3 to go to this fund. Checking a box below
will not change your tax or refund.
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