Marc and Michelle are married and earned salaries this year of $74,000 and $15,750, respectively. In...
Marc and Michelle are married and earned salaries this year of $74,000 and $15,750, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,750 from corporate bonds. Marc contributed $3,750 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,750. 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 $8,500 of expenditures that qualify as itemized deductions and they had a total of $7,400 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?
Corporate bond interest
IRA contribution
Marc's salary
Michelle's salary
Municipal bond interest
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? Taxable income
e. What is Marc and Michelle’s taxes payable or refund due for the year?
Homework Answers
ANSWER
Using 2018 tax rate schedule :
| a | Particulars | Amount |
| Marc's Salary | $ 74,000 | |
| Michelle's Salary | $ 15,750 | |
| Corporate bond interest | $ 1,750 | |
| Gross Income | $ 91,500 | |
| b | Gross Income | $ 91,500 |
| Less : | ||
| Contribution to IRA | $ -3,750 | |
| Alimony Paid | $ -2,750 | |
| Adjusted Gross Income | $ 85,000 | |
| c | Standard Deduction | |
| 1 | Married filing jointly | $ 24,000 |
| 2 | Itemized deduction | $ 8,500 |
| Greater of 1 & 2 | $ 24,000 | |
| Toal deductions from AGI | $ 24,000 | |
| (Personal & depedency deduction was removed from 2018) | ||
| d | Adjusted Gross Income | $ 85,000 |
| Toal deductions from AGI | $ 24,000 | |
| Taxable Income | $ 61,000 | |
| e | Tax liability | $ 6,939 |
| Child Tax Credit | $ -2,000 | |
| Prepayents | $ -7,400 | |
| Refund Due | $ 2,461 |
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