Katie (single) has 2019 regular taxable income of $375,000, resulting in a regular tax liability of...
Katie (single) has 2019 regular taxable income of $375,000, resulting in a regular tax liability of $106,445. She has negative AMT adjustments of $45,000 and AMT preference items of $1,000. How much AMT does Katie owe in 2019?
Homework Answers
| Calculation of AMT of Katie for the year 2019 | ||||
| Amount($) | ||||
| Taxable Income | 375000 | |||
| Add:AMT Adjustments | 45000 | |||
| 420000 | ||||
| Add: AMT preference items | 1000 | |||
| Alternative minimum tax Income | 421000 | |||
| Tentative minimum tax | 95342 | Upto 71700 | 0 | |
| Regular tax liability | 106445 | from 71701 upto 194800 | 123100 | 32006 |
| Alternative minimum tax | Nil | Excess of 194800 | 226200 | 63336 |
Add Answer to:
Katie (single) has 2019 regular taxable income of $375,000,
resulting in a regular tax liability of...
13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular...
13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular tax liability of $8,380.50 for the current year. T uses the standard deduction for regular tax purposes and has $60,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine T's tentative minimum tax and her AMT. b. Determine the amount that T actually has to pay the IRS this year.
Cameron is single and has taxable income of $88,806. Determine his tax liability using the 2019...
Cameron is single and has taxable income of $88,806. Determine his tax liability using the 2019 tax tables and using the 2019 tax rate schedules. (Round your intermediate computations and final answers to 2 decimal places.) Tax liability using tax table: Tax liability using tax rate schedule:
7. Zack who is single and takes the standard deduction, has taxable income of $160,000, tax...
7. Zack who is single and takes the standard deduction, has taxable income of $160,000, tax preferences of $30,000 and a regular tax liability of $32,480. What is his AMT? a. $33,670 b. $32,480 c.$ 1,190 d. $ 3,780 e. None is correct
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019,...
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
James and Jane filed a joint return in 2018. They calculate their taxable income to be...
James and Jane filed a joint return in 2018. They calculate their taxable income to be $150,000 and regular tax to be $33,000. Assume that: Their AMT adjustments to taxable income $20,000 Their total of tax preference items $30,000 AMT exemption $109,400 The AMT tax rate: 26% of alternative minimum taxable income (AMTI) up to $191,500 for all taxpayers ($95,750 for married taxpayers filing separately) and 28% of AMTI exceeding that amount What is their alternative minimum taxable income...
1. If Susan, who is single, had a taxable income of $31900 in 2019, how much...
1. If Susan, who is single, had a taxable income of $31900 in 2019, how much would she have owed in federal taxes based on that year’s tax rate schedule? A) $3828 B) $3190 C) $3440 D) $3634 2. If Susan earns $40 per hour in additional overtime pay on top of her standard taxable income of $27800 in 2019, what marginal federal income tax rate would she pay on her additional income? Assume her additional income does not exceed...
For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What are the tax consequences to Annita in the current year? Would the result have any impact on Annita’s tax liability in the prior year if it had taxable income in that year of $50,000? Suppose that for the following year Annita has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21% of taxable income....
For 2019 Bagco has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
For 2019 Bagco has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What are the tax consequences to Bagco in the current year CY? Would the result have any impact on Bagco’s tax liability in the prior year (PY) if it had taxable income in that year of $50,000 Suppose that for the following year (CY+1) Bagco has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21%...
Briana, who is single, has taxable income for 2019 of $90,000, resulting in a total tax of $15,775. Her total economic...
Briana, who is single, has taxable income for 2019 of $90,000, resulting in a total tax of $15,775. Her total economic income is $100,000. Briana's average tax rate and effective tax rate are, respectively, O A. 17.53% and 15.78%. OB. 15.78% and 24% O C. 17.53% and 24%. OD. 15.78% and 17.53%
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 8970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160.725 $14.382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular tax liability of $8,380.50 for the current year. T uses the standard deduction for regular tax purposes and has $60,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine T's tentative minimum tax and her AMT. b. Determine the amount that T actually has to pay the IRS this year.
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
Briana, who is single, has taxable income for 2019 of $90,000, resulting in a total tax of $15,775. Her total economic income is $100,000. Briana's average tax rate and effective tax rate are, respectively, O A. 17.53% and 15.78%. OB. 15.78% and 24% O C. 17.53% and 24%. OD. 15.78% and 17.53%
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 8970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160.725 $14.382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
Most questions answered within 3 hours.
-
When opening a file, use this method to determine whether a file
exists before you attempt...
asked 21 seconds ago -
Sales total $300,000 when variable costs total $180,000 and
fixed costs are $60,000. Breakeven sales total:...
asked 7 minutes ago -
1)
To calculate the depth of a water well, an explorer drops a stone and with...
asked 4 minutes ago -
0.429-g sample of gas occupies 125 mL at 60. cm of Hg and 25°C.
The molar...
asked 6 minutes ago -
The
pH of a 0.90M solution of boric acid (H3BO3) is measured to be
4.64.
Calculate...
asked 25 minutes ago -
on april 10, a company acquired land valued at $58,000 in
exchange for 1,000 shares of...
asked 30 minutes ago -
Is
ampicillin or solvents (such as acetone) more effective at killing
off bacteria, in general? Explain...
asked 36 minutes ago -
The current risk-free rate is 4.0% and the market risk premium
is 5.0%. If Ford Motor...
asked 52 minutes ago -
Advances in technology have increased our opportunities to
connect with others. Along with the benefits of...
asked 1 hour ago -
Compute the interest rate at which $500 per month payments
should grow to accumulate savings of...
asked 1 hour ago -
The following information pertains to a weekly payroll of Texera
Tile Company:
a. The total wages...
asked 1 hour ago -
Alice has the RSA public key (n, e) = (11413, 251) and private
key d =...
asked 1 hour ago