11. Sam is single, 30, and has no children. He made a salary of $250,000 with S40,000 in Federal withholding. He has the following items: Medical Mortgage interest Credit card interest Property ta...

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11. Sam is single, 30, and has no children. He made a salary of $250,000 with S40,000 in Federal withholding. He has the foll

business accounting

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Answer 1

Answer #1

Sol: Adjusted gross income =250000

Itemized deductions before any limitations =70500

Taxable income salary =250000

(-) Itemized deduction (70500)

179500

(-) Exemption (4050)

175450

The individual alternative minimum tax (AMT) primarily affects well-off households but not

Those with the highest incomes .It is also more likely to hit tax payers with large families those

Who are married, and those who live in high-tax states.

Tax refund/tax due

Federal income tax = 40,000

(-) tax liability =42108

Tax due =2108

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Answer 2

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11. Sam is single, 30, and has no children. He made a salary of $250,000 with S40,000 in Federal withholding. He has the following items: Medical Mortgage interest Credit card interest Property ta...