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docker41 [41]
3 years ago
13

Marc and michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries,

they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account, and marc paid alimony to a prior spouse in the amount of $2,300. 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 $7,600 of expenditures that qualify as itemized deductions and they had a total of $6,665 in federal income taxes withheld from their paychecks during the course of the year
Business
1 answer:
Fiesta28 [93]3 years ago
5 0

Answer:

Since we are not given any specific year, I will use the 2020 tax schedule:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $70,400 + $14,400 + $1,300 = $86,100

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

<u>contribution to IRA = ($3,300)</u>

Marc and Michelle's taxable income = $58,400

Marc and Michelle's tax liability = $1,975 + [12% x ($58,400 - $19,750)] = $6,613

Alimony payments are not longer tax deductible and interests on municipal bonds is not taxable.

Since their income tax withholdings exceed their tax liability, they should get a refund for $6,665 - $6,613 = $52

Also, since they are allowed a $2,000 child tax credit, but they do not owe any more taxes, they are entitled to a $1,400 refund.

Total refund for 2020 = $1,452.

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