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oee [108]
1 year ago
6

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. What is Marc and Michelle's adjusted gross income?
Mathematics
1 answer:
maxonik [38]1 year ago
7 0

Answer:

The total amount of deductions Marc and Michelle are going to get is $24750.  

The taxable income of Marc and Michelle is $47750.

Further Explanation:  

Income Tax: It is the additional charge on an individual’s income which he/she needs to pay to the government. The taxable income is calculated by adding all the incomes and deducting all the deductions which an individual can claim on his/her income.  

Compute the total amount of deductions available for Marc and Michelle:  

Total Deduction Available

= Higher of Standard Deduction for MJF and Itemized Deduction + Personal and Dependency  Exemptions  

= Higher of $12600 and $6000 + $12150 ($4050×3)  

= $12600 + $12150  

=$24750.  

Therefore, the total deductions available to Marc and Michelle are $24750.

Gross Income of Marc and Michelle

= Salary of Marc + Salary of Michelle + Interest Earned on Corporate Bonds  

= $64000 + $12000 + 500  

= $76500.  

Total Taxable Income of Marc and Michelle

= Gross Income – Qualified Moving Expenses – Alimony Paid – Total Deductions  

= $76500 - $2500 - $1500 - $$24750  

= $47750.  

Therefore, the total taxable income of Marc and Michelle is $47750.

Learn More:  

1.      Learn more about the tax on the profit from selling the fixed assets  

brainly.com/question/2617534  

2.      Learn more about the personal tax  

brainly.com/question/1762937  

3.      Learn more about the role of money  

brainly.com/question/12984919  

Answer details:  

Grade: Senior School  

Subject: Taxation  

Chapter: Income Tax  

Keywords: Taxable income, Marc and Michelle, Deductions, salary income, earned, corporate bond interest, interest on municipal bond, standard deductions, US tax brackets.

happy to help ya :)

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Answer:

a) 0.64mm

b) 7/25

Step-by-step explanation:

Felipe trabaja en una construcción ayuda a cotizar materiales entre ellos cables para diversos propósitos.El arquitecto le pidió cotizar un cable de 16/25 mm de diámetro. en los catálogos disponibles en as tiendas las medidas aparecen expresadas en números decimales como se muestra en la imagen

¿Que debe hacer felipe para saber el diámetro del cable que pidió el arquitecto?

¿que medida en forma de fracción le corresponde al cable que mide 0.28? ¿como lo determinaste? es urgenteeee GRACIAS

a) Dada la dimensión fraccionaria del cable expresada como 16/25 mm, dado que Felipe debe expresar esta fracción en decimal para obtener la medida requerida, dividiremos la expresión usando una división larga como se muestra en el anexo. Desde el archivo adjunto;

16/25 mm = 0,64 mm

b) La medida fraccionaria corresponde al cable que mide 0.28 se expresa como se muestra. Convertir 0,28 a fracción.

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Sobre la simplificación en su término más bajo

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neonofarm [45]

Answer:

hello attached below is the sketch of the missing diagram

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∴ h = 2

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