Homework Answers
Answer: Sven's AMTI is 150,500
|
Description |
Amount |
|
Regular taxable income |
140,000 |
|
Personal exemption |
0 |
|
Real property taxes |
3,000 |
|
State income taxes |
5,000 |
|
Depreciation adjustment |
2,500 |
|
AMTI |
150,500 |
Note : Personal exemption for tax year 2018 and 2019 remains at 0.
Explanation:
The alternative minimum tax (AMT) is a tax imposed to ensure that the tax payers are atleast paying the minimum.
AMT is calculated by = AMTI * AMT rate
AMTI is calculated by = taking regular taxable income and adding personal and dependency exemption. Along with that sstandard deduction is added if already claimed. Then deduct phased out deductions, and other other adjustments are also included.
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[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
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