Question: 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 contributed $2,500 to an individual retirement account, 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 $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year.
Required:
Q1. What is Marc and Michelle's taxable income?
Q2. What is Marc and Michelle's taxes payable or refund due for the year?
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