Marc and Michelle are married and earned salaries this year (2009) of $64,000 and $12,000, respectively.

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.)

SalariesInterest on Municipal bondsGross Income Marc64,000.00350.0064,350.00 Total Gross Income JointlyLess: Qualiying moving expensesLess: Alimony of prior spouseLess: Child tax credit...