Please do it by type not pic. 1.Calculate the exemption amount for the following cases in...
Please do it by type not pic.
1.Calculate the exemption amount for the following cases in 2018 for a married taxpayer filing jointly and a married taxpayer filing separately.
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For each case above, compute the AMT exemption for 2018. If an amount is zero, enter a "0". Do not round your intermediate computations and round your final answer to nearest dollar.
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Homework Answers
Alternative Minimum Tax (AMT) exemption for 2018
The threshold for AMT exemption for singles or married couples filing separately is $ 54700
The threshold for AMT exemption for married couples filling jointly is $ 109400
The threshold for claiming exemption is $718800 for individuals and 1437600 for joint filers.
If AMTI is less than threshold than exemption can be claimed else not.
| Case | AMTI | MFJ Exemption | Threshold(Joint) | MFS AMT Exemption | Threshold(Separately) |
| 1 | $350000 | $109400 | $1437600 | $54700 | $718800 |
| 2 | $1200000 | $109400 | $1437600 | 0 | $718800 |
| 3 | $1800000 | 0 | $1437600 | 0 | $718800 |
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Please do it by type not pic.
1.Calculate the exemption amount for the following cases in...
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...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital gain. a. Mr. and Mrs. Baker's taxable income on their joint return was $206,000, and their AMTI before exemption was $208,400. b. Mr. Costa's taxable income on his single return was $182,160, and his AMTI before exemption was $203,400. c. Ms. White's taxable income on her single return was $659,075, and her AMTI before exemption...
Determine the tax liability for tax year 2019 in each of the following instances. In each...
Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. A single taxpayer, not head of household, with AGI of $23,493 and one dependent. A single taxpayer, not head of household, with AGI of $169,783 and no dependents. (Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.) A...
1) The "90-day" letter gives the taxpayer the opportunity to pay a proposed IRS tax adjustment...
1) The "90-day" letter gives the taxpayer the opportunity to pay a proposed IRS tax adjustment or file a petition in the U.S. District Court to contest the adjustment and hear the case. T/F 2) The standard deduction amount for married filing separately taxpayers (MFS) is less than the standard deduction amount for married filing jointly taxpayers. T/F
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. Taxable income of $63,493 that includes a qualified dividend of $960. Taxable income of $22,279 that includes a qualified dividend of $363. Taxable income of $151,900 that includes a qualified dividend of $4,510. (Round your intermediate computations to 2 decimal places and final answer to the nearest...
These links are to the tax table and tax rate schedule. http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf please show your...
These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
Return to question Required: Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one del endent. b. A single...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Determine the amount of tax
liability in the following situations. In all cases, the taxpayer
is using the filing status of married filing jointly. Use the
appropriate Tax Tables or Tax Rate Schedules.
Taxable income of $62,449 that includes a qualified dividend of
$560.
Taxable income of $12,932 that includes a qualified dividend of
$322.
Taxable income of $144,290 that includes a qualified dividend
of $4,384. (Round your intermediate computations to 2
decimal places and final answer to the nearest...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. A. Taxable income of $72,367 that includes a qualified dividend of $890. B. Taxable income of $21,619 that includes a dividend of $362. C. Taxable income of $147,300 that includes a qualified dividend of $4,410. (Round your immediate computations to 2 decimal places and final answer to...
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...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital gain. a. Mr. and Mrs. Baker's taxable income on their joint return was $206,000, and their AMTI before exemption was $208,400. b. Mr. Costa's taxable income on his single return was $182,160, and his AMTI before exemption was $203,400. c. Ms. White's taxable income on her single return was $659,075, and her AMTI before exemption...
These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
Return to question Required: Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one del endent. b. A single...
Determine the amount of tax
liability in the following situations. In all cases, the taxpayer
is using the filing status of married filing jointly. Use the
appropriate Tax Tables or Tax Rate Schedules.
Taxable income of $62,449 that includes a qualified dividend of
$560.
Taxable income of $12,932 that includes a qualified dividend of
$322.
Taxable income of $144,290 that includes a qualified dividend
of $4,384. (Round your intermediate computations to 2
decimal places and final answer to the nearest...
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