Describe the purpose of the AMT-Alternative Minimum Tax. Give a general description as to how it is calculated. Pro...
Explain in your own words the alternative minimum tax (AMT) and include in your definition: (a) why was it implemented by the IRS, (b) who was the original targets of the AMT, (c) how it is calculated, and (d) whether you think it was fair to implement the tax, why or why not.
Which of the following statements about the alternative minimum tax (AMT) is true? A) The AMT was established to enforce tax laws and punish tax evaders. B) The AMT was indexed to inflation. C) The AMT will affect more and more people because wages have risen significantly faster than have prices. D) Both B and C are true. E) None of the answers is true.
Which characteristics apply to the alternative minimum tax (AMT)? Applies to the alternative minimum tax Does not apply to the alternative minimum tax 0 is increasingly affecting fewer families allows for many deductions exists alongside the normal tax code establishes a base tax rate Answer Bank Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table. Income range Tax rate $0-$20,000 0% $20,001-$39,000 31% $39,001-$70,000 42% $70,001+ 50% Use the...
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations is: O 20%. 20% but with an exemption of $40,000. O 30%. O AMT for corporations has been repealed. OMark for follow up 83538 OMMaik lor follow up 83538 Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had $60,000 of AMT credit carried for years and available in 2018. What...
n year 1, GSL Corp.’s alternative minimum tax base was $2,000,000 and its regular tax liability is $350,000. a. What is GSL’s total tax liability for years 1, 2, 3, and 4 (by year) assuming the following? Year 2: AMT base $600,000; Regular tax liability $100,000. Year 3: AMT base $500,000; Regular tax liability $160,000. Year 4: AMT base $1,000,000; Regular tax liability $150,000. b. What, if any, the minimum tax credit does GSL have at the end of year...
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.
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (AMT). The following income and deductions were included in compung taxable income. Select the one item that may be added to (or subtracted from regular taxable income in calculating the AMT. a. A long-term capital gain of $90,000. b. A cash contribution to your client's church of $18,000. c. Dividend income of $80,000. d. A state income tax deduction of $8,000....
Describe how the Federal tax liability for regular taxes (Form 1040) is calculated. What are the components and how do they contribute to the final tax due?
Give a general description of Anaerobic respiration and Fermentation. Explain how these processes are the same and how they are different (final electron acceptors, #ATPs, Oxygen requirements, etc)
1. Discuss the "equity theory" Model by doing the following: describe the purpose/use of this model and then describe how equity sensitivity relates to the model and one challenge or problem managers face in using this model. 2. Describe the three needs in the learned needs theory 3. Describe the General Adaptation Syndrome and its three stages 4. Explain the difference between surface-level diversity and deep-level diversity and give specific examples of each of these types of diversity. 5. Define...