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Required information The following information applies to the questions displayed below.) 30 Marc and Michelle are married an
c. What is the total amount of Marc and Michelles deductions from AGI? Total deductions from AGI d. What is Marc and Michell
e. What is Marc and Michelles taxes payable or refund due for the year?! Refund due
2013 Kate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of tax
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Answer #1
Particulars Amount W.N
Marc's Salary $ 64,000
Michelle's Salary $ 12,000
Municipal bond Interest $      350
Corporation Bond Interest $      500
Gross Income $ 76,850
For AGI Deductions $   4,000 2500+1500
AGI $ 72,850
Standard Deduction $ 24,400 For the year 2019.
Taxable Income $ 48,450
Tax Liability $   5,426 1940+(48450-19400)*12%
Child Tax Credit $   2,000
Federal Income Tax Withheld $   3,500
Tax Refund $         74

Itemized Deduction is eliminated for 2019

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