Which of the following is most likely to trigger the alternative minimum tax for a tax...
Which of the following is most likely to trigger the alternative minimum tax for a tax filer?
reporting the standard deduction instead of itemized deductions
contributing to your company’s tax sheltered retirement plan
claiming large number of exemptions
credits filing as head of household
Homework Answers
OPTION C------ claiming large number of exemptions
Claiming large number of exemptions is most likely trigger for alternative minimum tax to tax filer since under alternative minimun tax, taxable income is recalculated as per separate set of rules for allowing deductions, thereby ensuring that tax filer pays the minimum tax.
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Which of the following is most likely to trigger the alternative
minimum tax for a tax...
Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a...
Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $45,860, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ Standard Deduction Amounts Filing Status 2017 Single $6,350 Married Filing Jointly or Surviving Spouse $12,700 Head of Household $9,350 Married Filing Separately $6,350 Personal Exemptions...
Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of...
Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of these individuals are blind. Alan (68), a single taxpayer with no dependents. His allowable itemized deductions are $13,620. o Cooper (31), a single taxpayer with no dependents. His allowable itemized deductions are $13,695. Gwen (65), who is unmarried are filing head of household. She has one dependent. Her allowable itemized deductions are $19,100. Zach (28), who is married and filing a joint return with...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,320, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ 20050 (Round to the nearest dollar.) a Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or...
Problem 1-5 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO...
Problem 1-5 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000; their itemized deductions were $16,000, and they have no dependents. Table for the standard deduction Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly...
Which of the following taxpayers would benefit from itemizing on their 2018 tax return? Jordan (33),...
Which of the following taxpayers would benefit from itemizing on their 2018 tax return? Jordan (33), Married Filing Separate, has itemized deductions that total $4,050. His wife, Susan, is itemizing on a separate return. Abdul (42) and Paula (39), Married Filing Jointly, have itemized deductions that total $19,785. Ronald (66), Single, has itemized deductions that total $11,400. Elliot (47), Head of Household, has itemized deductions that total $15,256.
Which of the following taxpayers would benefit from itemizing on their 2017 tax return? Jordan (33),...
Which of the following taxpayers would benefit from itemizing on their 2017 tax return? Jordan (33), Married Filing Separate, has itemized deductions that total $ 4,050. His wife, Susan, is itemizing on a separate return. Abdul (42) and Paula (39) Marrried Filing Jointly, have itemized deductions that total $ 10,570. Ronal (66) Single, has itemized deductions that total $ 6,400 Elliot (47) head of Household, has itemized deductions that total $ 8,250.
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
Q6 What is the tax refund? Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
6. Which of the following deductions is totally disallowed for purposes of the alternative minimum tax?...
6. Which of the following deductions is totally disallowed for purposes of the alternative minimum tax? a. Investment interest expense d. Standard deduction b. Medical and dental expenses e. Casualty and theft losses c. Gambling loses _7. Jay exercised an incentive stock option in the current year, paying $800 for stock worth $1,500 on the exercise date. He has not sold the stock. How much income should Jay report in the current year under the alternative minimum tax? a. $0...
6. Which of the following deductions is totally disallowed for purposes of the alternative minimum tax?...
6. Which of the following deductions is totally disallowed for purposes of the alternative minimum tax? a. Investment interest expense d. Standard deduction b. Medical and dental expenses e. Casualty and theft losses c. Gambling losses -7. Jay exercised an incentive stock option in the current year, paying $800 for stock worth $1,500 on the exercise date. He has not sold the stock. How much income should Jay report in the current year under the alternative minimum tax? b. $700...
Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of these individuals are blind. Alan (68), a single taxpayer with no dependents. His allowable itemized deductions are $13,620. o Cooper (31), a single taxpayer with no dependents. His allowable itemized deductions are $13,695. Gwen (65), who is unmarried are filing head of household. She has one dependent. Her allowable itemized deductions are $19,100. Zach (28), who is married and filing a joint return with...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,320, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ 20050 (Round to the nearest dollar.) a Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
6. Which of the following deductions is totally disallowed for purposes of the alternative minimum tax? a. Investment interest expense d. Standard deduction b. Medical and dental expenses e. Casualty and theft losses c. Gambling loses _7. Jay exercised an incentive stock option in the current year, paying $800 for stock worth $1,500 on the exercise date. He has not sold the stock. How much income should Jay report in the current year under the alternative minimum tax? a. $0...
6. Which of the following deductions is totally disallowed for purposes of the alternative minimum tax? a. Investment interest expense d. Standard deduction b. Medical and dental expenses e. Casualty and theft losses c. Gambling losses -7. Jay exercised an incentive stock option in the current year, paying $800 for stock worth $1,500 on the exercise date. He has not sold the stock. How much income should Jay report in the current year under the alternative minimum tax? b. $700...
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