Question: marc and michelle are married and earned salaries this year...
Marc and Michelle are married and earned salaries this year of $66,400 and $12,900, respectively. In addition to their salaries, they recieved interest of $350 from municipal bonds and $800 from corportate bonds. Marc contributed $2,800 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,800. 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 $6,600 of expenditures that qualify as itemized deductions and they had a total of $5,820 in federal income taxes withheld from their paychecks during the course of the year.
A) What is Marc and Michelle's gross income?
Marc's Salary $66,400
Michelle's Salary $12,900
Corporate Bond Interest $800
Gross income $xxxx