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 (under a divorce decree effective June 1, 2005). 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 $1,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. (use the 2016 tax rate schedules). 1. What is the total amount of Marc and Michelle’s deductions from AGI?
2. What is Marc and Michelle’s taxable income?
3. What is Marc and Michelle’s taxable income?

KINDLY CHECK EXPLANATION

Explanation:

Given that :

Marc's salary = 64000

Michelle's salary = 12000

Interest received from municipal bond = $350

Interest received from corporate bond = $500

TOTAL AMOUNT OF DEDUCTION FROM AGI:

ACCORDING TO 2016 TAX RATE : MARRIED FILING JOINTLY STANDARD DEDUCTION = $12,600 (higher than itemized deduction ($6000)

Dependency exemption = $4050 (2016 tax schedule)

Hence, total deduction from AGI = $(12600 + (3 * 4050)) = $24,750

Their Gross Income :

(Salary + interest from municipal and corporate bonds)

$(64000 + 12000 + 500) = $76,500

TAXABLE INCOME = Gross income - total debt deduction on AGI - (contribution to individual retirement + alimony paid to spouse)

TAXABLE INCOME = $(76,500 - 24750 - (2500 +1500))

$(76500 - 24750 - 4000) = $47750

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

pls mark as brainliest

oof

explanation:

f