Marc and Mikkel are married and earned salaries this year of $66,300 and $25,800, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,650 from corporate bonds. Marc contributed $3,650 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,650 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $8,300 of expenditures that qualify as itemized deductions, and they had a total of $4,190 in federal income taxes withheld from their paychecks during the year. Use 2022 Tax Schedules.

Marc and Mikkel are married and earned salaries this year of $66,300 and $25,800, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,650 from corporate bonds. Marc contributed $3,650 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,650 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $8,300 of expenditures that qualify as itemized deductions, and they had a total of $4,190 in federal income taxes withheld from their paychecks during the year. Use 2022 Tax Schedules.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 50RC

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