Homework Answers
Given, Corbett's AMTI is $600,000.
a) He is Married and files a joint return.
His AMTI is $600,000 which is below the face out limit of $1,036,800. his exemtion is not faced out. So, he gets the full exemption of $113,400
Amount of AMTI exemption $113,400
c) His filing status is single.
Corbett's AMTI is in teh phase out range which is between $518,400 and $745,200. Hence his exemption will be reduced to as follows.
$72,900 - [($600,000 - $500,000)*25%]
= $72,900 - ($100,000 * 25%)
= $72,900 -($25,000)
= $47,900
Amount of AMTI exemption $47,900
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Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What...
EXHIBIT 8-5 2019 AMT Exemptions Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out...
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out Complete for This Level of
AMTI
Married filing jointly
$111,700
$1,020,600
$1,467,400
Married filing separately
55,850
510,300
733,700
Head of household and single
71,700
510,300
797,100
Required information [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?...
of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed...
of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8.5 (Leave no answer blank. Enter zero if applicable.) Problem 8-57 Part a . a. Her AMTI is $418,500. Amount of AMT exemption nces < Pres 6 8 of 25 Next > Required information Problem...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
Required information [The following information applies to the questions displayed below.] Trey has two dependents, his...
Required information [The following information applies to
the questions displayed below.]
Trey has two dependents, his daughters, ages 14 and 17, at 2020
year-end. Trey files a joint return with his wife.
What amount of child credit will Trey be able to claim for his
daughters under each of the following alternative situations? Use
Exhibit 8-8.
a. His AGI is $100,000.
Q: Amount of child tax credit
b. His AGI is $420,000.
Q: Amount of child tax credit
c. His...
[The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages...
[The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately 200,000 Head of household and single 200,000 Source: §24(a)....
Required information [The following information applies to the questions displayed below.) Trey has two dependents, his...
Required information [The following information applies to the questions displayed below.) Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. a. His AGI is $100,000 Amount of child tax credit Required information [The following information applies to the questions displayed below.) Trey has two dependents,...
Required information (The following information applies to the questions displayed below.) Gary and Lakesha were married...
Required information (The following information applies to the questions displayed below.) Gary and Lakesha were married on December 11 last year. They are now preparing their taxes for the April 15 deadline and are unsure of their filing status a. What filing status options do Gary and Lakesha have for last year? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the...
All data and information are in the pictures posted Wayne and Mary Sutherby are a married...
All
data and information are in the pictures posted
Wayne and Mary Sutherby are a married couple filing jointly. They have no children and report the following items in 2019: E (Click the icon to view the items reported in 2019.) Read the requirements. E (Click the icon to view the 2019 AMT exemption amounts.) Data Table (a) (b) Sutherby's AMT Wayne's AMT Taxable income 120,000 Tax preferences 19,000 AMT adjustments related to itemized deductions 34,000 Plus: 18,117 Regular tax...
Required information [The following information applies to the questions displayed below.] In 2020, Sheryl is claimed...
Required information [The following information applies to
the questions displayed below.]
In 2020, Sheryl is claimed as a dependent on her parents' tax
return. Her parents report taxable income of $500,000 (married
filing jointly). Sheryl did not provide more than half her own
support.
What is Sheryl's tax liability for the year in each of the
following alternative circumstances?
Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for
reference.
She received $7,000 of interest income from corporate bonds...
Required information Problem 8.70 (LO 8-4) The following information applies to the questions displayed bel...
Required information Problem 8.70 (LO 8-4) The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17. at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8 Problem 8-70 Part-a a. His AGI is $101.000. Amount of child tax credit Required information Problem 8-70 (LO 8-4) The following...
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out Complete for This Level of
AMTI
Married filing jointly
$111,700
$1,020,600
$1,467,400
Married filing separately
55,850
510,300
733,700
Head of household and single
71,700
510,300
797,100
Required information [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?...
of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8.5 (Leave no answer blank. Enter zero if applicable.) Problem 8-57 Part a . a. Her AMTI is $418,500. Amount of AMT exemption nces < Pres 6 8 of 25 Next > Required information Problem...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
Required information [The following information applies to
the questions displayed below.]
Trey has two dependents, his daughters, ages 14 and 17, at 2020
year-end. Trey files a joint return with his wife.
What amount of child credit will Trey be able to claim for his
daughters under each of the following alternative situations? Use
Exhibit 8-8.
a. His AGI is $100,000.
Q: Amount of child tax credit
b. His AGI is $420,000.
Q: Amount of child tax credit
c. His...
Required information [The following information applies to the questions displayed below.) Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. a. His AGI is $100,000 Amount of child tax credit Required information [The following information applies to the questions displayed below.) Trey has two dependents,...
Required information (The following information applies to the questions displayed below.) Gary and Lakesha were married on December 11 last year. They are now preparing their taxes for the April 15 deadline and are unsure of their filing status a. What filing status options do Gary and Lakesha have for last year? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the...
All
data and information are in the pictures posted
Wayne and Mary Sutherby are a married couple filing jointly. They have no children and report the following items in 2019: E (Click the icon to view the items reported in 2019.) Read the requirements. E (Click the icon to view the 2019 AMT exemption amounts.) Data Table (a) (b) Sutherby's AMT Wayne's AMT Taxable income 120,000 Tax preferences 19,000 AMT adjustments related to itemized deductions 34,000 Plus: 18,117 Regular tax...
Required information [The following information applies to
the questions displayed below.]
In 2020, Sheryl is claimed as a dependent on her parents' tax
return. Her parents report taxable income of $500,000 (married
filing jointly). Sheryl did not provide more than half her own
support.
What is Sheryl's tax liability for the year in each of the
following alternative circumstances?
Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for
reference.
She received $7,000 of interest income from corporate bonds...
Required information Problem 8.70 (LO 8-4) The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17. at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8 Problem 8-70 Part-a a. His AGI is $101.000. Amount of child tax credit Required information Problem 8-70 (LO 8-4) The following...
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