Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 02 Oct 2017 My Price 7.00

municipal bonds

53.   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.

a)   What is Marc and Michelle’s 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? (Use the tax rate schedules.)

f ) Complete the first two pages of Marc and Michelle’s Form 1040 (use 2014 forms if 2015 forms are unavailable).

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Oct 2017 05:10 PM My Price 7.00

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