ZuoTi.Pro
Question

Dan and Maureen file a joint income tax return for 2018. They have two dependent children, ages 7 and 9. Together they e...

Dan and Maureen file a joint income tax return for 2018. They have two dependent children, ages 7 and 9. Together they earn wages of $830,000. They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $78,000. During 2018, they received a state income tax refund of $3,000 relating to their 2017 state income tax return on which they itemized deductions. Dan and Maureen live in the United States.

Their expenses for the year consist of the following: Home mortgage interest (on acquisition debt) $19,000 Interest on credit cards 2,000 Real property taxes 8,300 Cash contributions 75,000 ​ ​ State income taxes withheld 48,000 Calculate Dan and Maureen's tentative minimum tax liability assuming an AMT exemption amount of $109,400, before any phase-outs. Show your calculations.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Dan and Maureen file a joint income tax return for 2018. They have two dependent children, ages 7 and 9. Together they e...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • James and Jane filed a joint return in 2018. They calculate their taxable income to be...

    James and Jane filed a joint return in 2018. They calculate their taxable income to be $150,000 and regular tax to be $33,000. Assume that: Their AMT adjustments to taxable income                $20,000 Their total of tax preference items                             $30,000 AMT exemption                                                         $109,400 The AMT tax rate: 26% of alternative minimum taxable income (AMTI) up to $191,500 for all taxpayers ($95,750 for married taxpayers filing separately) and 28% of AMTI exceeding that amount What is their alternative minimum taxable income...

  • Harvey itemized deductions on his 2018 income tax return and was able to deduct all state...

    Harvey itemized deductions on his 2018 income tax return and was able to deduct all state and local income taxes paid. Harvey plans to itemize deductions again in 2019 and the following information is available regarding state and local income taxes: Taxes withheld in 2019 $12,500 Refund received in 2019 for 2018 tax $500 Assessment paid in 2019 for 2017 tax $300 Assuming he deducts state and local income taxes, the above information should be reported by Harvey in his...

  • Daniel and Marion (ages 52 and 51, respectively) file a joint return. Their AGI is $167,900...

    Daniel and Marion (ages 52 and 51, respectively) file a joint return. Their AGI is $167,900 (which includes taxable interest of $3,700). They have put together the following list of expenses: Unreimbursed medical expenses $27,743 Real estate taxes (main home) 4,400 State and local income taxes withheld 1,200 Federal income tax withheld 22,300 General sales tax paid 785 Mortgage interest (main home) 15,200 Credit card interest 945 Investment interest 5,000 Charitable contributions (cash, with receipts)    6,400 Compute their total...

  • 1 The Browns are filing a joint return and have had a significant increase in income...

    1 The Browns are filing a joint return and have had a significant increase in income during the tax year. The Browns are concerned they may be subject to altenative minimum tax (AMT). A Married Filing Jointly taxpayer may be subject to alternative minimum tax if his taxable income for regular tax purposes along with certain adjustments and tax preference items exceeds which of the following exemption amounts? a) $41,900 b) $53,900 c) $70,700 d) $83,800 2. The Browns must...

  • Sharon and Tray are married, have two dependent children, and file a joint return in 2018....

    Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...

  • 17. Frank is a resident of a state that imposes a tax on income. The following...

    17. Frank is a resident of a state that imposes a tax on income. The following information pertaining to Frank's state income taxes is available: $3,900 $ 500 State income taxes withheld in 2018 Refund of 2017 tax received in 2018 Mistake on 2016 taxes. Assessed and paid in 2018 for 2016: Tax $ 800 Interest $ 100 What amount should Frank use as state and local income taxes in calculating itemized deductions for his 2018 Federal tax return, assuming...

  • Sharon and Tray are married, have two dependent children, and file a joint return in 2018....

    Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of S80,000 and itemized deductions of $8,500, what is their taxable income for 2018 (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do notselect a label or enter a zero.) Minus: Taxable income

  • Sharon and Tray are married, have two dependent children, and file a joint return in 2018....

    Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus: Taxable income

  • John (age 66) and Mary (age 59) Smith are married and file a joint federal tax...

    John (age 66) and Mary (age 59) Smith are married and file a joint federal tax return.  They have 2 dependent children in college ages 20 & 22.  John and Mary have the following information for 2019: Income: John’s Salary                                          $ 120,000 Mary’s Salary                                          $   80,000 Interest Income from taxable bonds        $     8,000 Proceeds from a life insurance policy      $   50,000          (John’s aunt passed away) Deductions: Alimony paid to Mary’s ex-spouse           $   25,000   (pre 1/1/19 divorce) Itemized deductions          Charitable donations                      $     5,000          NJ State Income Tax                     $   11,000          Real Estate Taxes                         $     9,000 John had $ 19,500...

  • John and May are married with two dependent children, file a joint return. They provide you...

    John and May are married with two dependent children, file a joint return. They provide you with the following information: Medical and dental expenses (not reimbursed) $ 3,650 State income taxes 7,950 Real estate taxes 4,710 Personal property taxes (ad valorem) 1,325 Interest on home mortgage 17,800 Form 4952 shows deductible investment interest 800 Charitable contributions (made by cash or check) 2,000 Form 4684 shows a casualty loss deduction 600 AGI 188,850 What is the taxable income and tax liability...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT