Compute AMT (if any) if Ms. White's taxable income on her single return was $650,675, and her AMTI before exemption was $795,000. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) AMT $ 218,602 < Required B Required C >
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- Each of the following taxpayers has 2022 taxable income before the standard deduction as shown. Determine from the tax table provided, the amount of the income tax (before an credits) for each of the following taxpayers for 2022: Taxpayer(s) Allen Boyd Caldwell Dell Evans Filing Status Single MFS MFJ H of H Single Taxable Income Before the Standard Deduction $34,600 37,175 62,710 49,513 57,397 Income TaxExercise 4 - 26 (Algorithmic) (LO. 4) Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $38, 200 before considering their Social Security benefits, no tax-exempt interest, and $ 13,370 of Social Security benefits. As a result, $fill in the blank 1 of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $16, 200 before considering their Social Security benefits, no tax-exempt interest, and $17,820 of Social Security benefits. As a result, $fill in the blank 2 of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $113, 500 before considering their Social Security benefits, no tax - exempt interest, and $17,025 of Social Security benefits. As a result, $fill in the blank 3 of…Saved Help Required information [The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2021, her taxable income is $44,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $44,200 of taxable income includes $7,200 of qualified dividends. Tax liability
- When an individual who is single has taxable income of $60,000, and has capital gain for $10,000, the tax rate for taxable this gain is A.Cero B. 5% C. 15% D. 20% E.25% F. No answerProblem 3: Determine Taxable Income Jules Winfield is a single taxpayer who maintained a home for his dependent daughter who was not a full-time student. The daughter lives with Jules for 8 months of 2022. During 2022 he had an AGI of $100,000 and reported the following expenditures: Expenditures State Income Taxes Contribution to a traditional individual retirement account (IRA) Charitable Contributions 6,000 4,000 8,000 ADDITIONAL INFORMATION For any item you determine is an allowable deduction, you can deduct the entire amount. Required: Determine Jules' taxable income for 2022.Exercise 13-24 (Algorithmic) (LO. 6) In 2023, Miranda records net earnings from self-employment of $178,400. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ X and she has a $ deduction for AGI.
- Required information [The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $530,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. b. His $530,000 of taxable income includes $2,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $570,000. Answer is complete but not entirely correct. Income tax Net investment income tax Total tax liability Amount 159,251.75 x 2,000.00 x 161,251.75Required Information Problem 8-50 (LO 8-1) (Algo) [The following Information applies to the questions displayed below] Lacy is a single taxpayer. In 2023, her taxable income is $52,000. What Is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round Intermediate calculations. Round your answer to 2 decimal places. Problem 8-50 Part c (Algo) c. Her $52,000 of taxable income includes $9.000 of qualified dividends. Tax liabilityCompute the taxable income for 2023 in each of the following independent situations. Click here to access the Exhibits 3.4 and 3.5 to use if required. a. Aaron and Michele, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $29,000. AGI Less: Itemized deductions Taxable income b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. AGI Less: Standard deduction Taxable income AGI Less: Standard deduction c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $76,800 and itemized deductions of $10,100. Taxable income $125,000 AGI Less: Standard deduction $80,000 d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has…
- Required information Problem 8-63 (LO 8-1) (LO 8-3) (Algo) [The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $540,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. Problem 8-63 Part d (Algo) d. Henrich has $200,000 of taxable income, which includes $52,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $220,000. Income tax Net investment income tax Total tax liability Amount. Mang Juan, a sole proprietor, died on July 31, 2020. The following summarizes the taxable income of the business left by Mang Juan: Period Taxable Income P560,000 January 1 to July 31, 2020 August 1 to December 31, 2020 610,000 Total P1,170,000 Which of the following is a correct statement? a. The total taxable income of P1,170,000 shall be reported by the estate of Mang Juan. b. Mang Juan's 2020 income tax return shall report the total taxable income of P1,170,000. c. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the estate of Mang Juan shall report a taxable income of P610,000 for the year 2020. d. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the heirs of Mang Juan shall report a taxable income of P610,000 for the year 2020.Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)