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Posted: February 14th, 2023
40. Marc and Michelle are married and earned salaries this year (2009) of$64,000 and $12,000, respectively. In addition to their salaries, they receivedinterest of $350 from municipal bonds and $500 from corporate bonds. Marcand Michelle also paid $2,500 of qualifying moving expenses, and Marc paidalimony to a prior spouse in the amount of $1,500. Marc and Michelle havea 10-year-old son, Matthew, who lived with them throughout the entire year.Thus, Marc and Michelle are allowed to claim a $1,000 child tax credit forMatthew. Marc and Michelle paid $6,000 of expenditures that qualify asitemized deductions and they had a total of $5,500 in federal income taxeswithheld from their paychecks during the course of the year.What is Marc and Michelle’s taxes payable or refund due for the year? (Usethe tax rate schedules.)Get
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