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? a. Her AMTI is $391,500. b. Her AMTI is $1,080,600. c. Her AMTI is $1,601,500.
Q: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…
A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old. Another condition is…
Q: Johanna resides in Saskatchewan and has taxable income of $85,000 for the current year. Determine…
A: The amount of tax payable means the amount of tax that the taxpayer needs to pay. the amount of tax…
Q: Coby has $61,000 of salary and $11,300 of itemized deductions. Chelsea has $87,000 of salary and…
A: Itemized Deductions : As the name suggests, it is the deduction of some item expenses incurred…
Q: Sheniqua, a single taxpayer, had taxable income of $79,928. Her employer withheld $12,957 in federal…
A: Income tax liability -Income tax liability is the amount of tax that an individual or entity owes to…
Q: Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their…
A: Tax is the amount that is charged by the tax authority from the individual and companies on their…
Q: Claude and Maryse earned $188,950 as a married couple filing jointly in 2022. They did not have…
A: The standard deduction for married couples filing jointly: $25,900 for 202222022 tax table: married,…
Q: Elijah has $66,000 of salary and $11,500 of itemized deductions. Eriana has $99,000 and 18,100 of…
A: INTRODUCTION: Taxable income is any compensation received by an individual or corporation that is…
Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…
A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…
Q: Bill receives social security benefits of $10,000 and files a married-jont return which includes…
A: Individuals having a total gross income, including Social Security, of at least $25,000, or married…
Q: Annette, a resident has a dependant spouse with an adjusted taxable income of $30 000 and three…
A: Annette, a resident has dependent spouse with adjusted taxable income = $30000 Also has three…
Q: Cameron is single and has taxable income of $53,342. Determine his tax liability using the tax…
A: Particulars Amount$ Taxable Income 53,342 Upto $9,950 at 10% 995 $9,951-$40,525…
Q: Ross is single with an adjusted gross income of $63,100, and he uses the standard deduction for…
A: To calculate Ross's tax liability, we first need to find his taxable income by subtracting the…
Q: 1.Tyler and Candice are married and file a joint tax return. They have adjusted gross income of…
A: Social security benefits as the name suggests are the benefits provided by the government for…
Q: Compute the taxable income for 2023 in each of the following independent situations:…
A: SOLUTION.To compute the taxable income for each of these individuals for 2023, we follow these…
Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…
A: In the given case, Olga is married and files joint return with her Husband. Hence the phase out…
Q: Calculate their total tax as well as the child tax credit that they can claim for the 20202020
A: The Child Tax Credit is a tax benefit offered to eligible parents or guardians to help alleviate the…
Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…
A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…
Q: Matteo (unmarried) files his tax return using head of household filing status. His taxable income is…
A: The Tax rate Schedule for Head of Household will be as per below Tax rate Taxable income bracket…
Q: alternative circumstances? a. He is married and files a joint return. b. He is married and files a…
A: The Alternative Minimum Tax (AMT) is a separate tax system designed to ensure that high-income…
Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…
A: Given: Gross income = $80,000 Standard deduction = $24,000
Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…
A: In US tax law, exemptions and deductions are both ways to reduce the amount of taxable income and…
Q: In the current year, Shrek and Princess Fiona are married and file a joint tax return claiming their…
A: Child tax credit 2023 (taxes filed in 2024)For 2023, the child tax credit is worth $2,000 per…
Q: Matt has a taxable income of $19,000. What is his best tax filing status? A) Single B) Head of…
A: The assessment of taxable income includes identification of type of taxpayer and its business. In…
Q: Carl and Karina file a joint return. Karina earned a salary of $39,000 and received dividends of…
A:
Q: Requirement a. What is the increase in her taxes as a result of the three sales? Her taxes will…
A: Capital gains taxes are a type of tax on the profits earned from the sale of assets such as stocks,…
Q: . John, age 26, married Diane, age 25, in 2021. Their salaries for the year amounted to $47,230 and…
A: Particulars Amount $ Amount $ Gross income: Salary $ 47,230 Interest $ 3,500 Gross…
Q: Determine the taxable amount of social security benefits for the following situations. If an amount…
A: a.This works out as whichever is lesser of the following as shown below:1.
Q: Barbie and Jose are married and claim 2 exemptions. Last year Barbie earned $32,400 and Jose earned…
A: Taxable Income The calculation of taxable in the federal taxation to sum up all the revenues and…
Q: Estelle paid her neighbor’s property taxes this year. Estelle is allowed to deduct her neighbor’s…
A: A taxpayer can claim deduction of property taxes paid if they are paid for the properties taxpayer…
Q: Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume…
A: Dependent & Child Care CreditRequires care for a dependent child (under 13 years) or disabled…
Q: Sheniqua, a single taxpayer, had taxable income of $80, 628. Her employer withheld S 12,957 in…
A: Income tax liability -Income tax liability is the amount of tax that an individual or entity owes to…
Q: Whitney received $75,600 of taxable income in 2022. All of the income was salary from her employer.…
A: The amount of money that an individual or organization is legally compelled to pay to the government…
Q: Your uncle has a taxable income of $96,412 last year. If he files as a head of household, what is…
A: Since the Taxable year is not mentioned in the question we are considering the last year 2020 as the…
Q: Jeremiah and Jonnie Chalk are married and have three dependent children, ages 3, 6, and 9. Assume…
A: Dependent & Child Care Credit Requires care for a dependent child (under 13 years) or disabled…
Q: Elijah has $66,000 of salary and $11,500 of itemized deductions. Eriana has $99,000 and 18,100 of…
A: INTRODUCTION: Any compensation received by an individual or corporation that is used to calculate…
Q: Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each…
A: a. All of her income is salary from her employer Taxable Income $44,200 Tax on Income…
Q: Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax…
A: Progressive Slab Rate: It is a system in which the rate of taxation rises as taxable income rises.…
Q: Ross is single with an adjusted gross income of $73,100, and he uses the standard deduction for…
A: Taxable income is the income on which tax is imposed. It is determined after deducting all expenses…
Q: Sheniqua, a single taxpayer, had taxable income of $80,528. Her employer withheld $12,884 in federal…
A: Income tax liability is the amount of tax that an individual or entity owes to the government based…
Q: Jane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability…
A: Smallest amount of withholding is 90% of the tax for current year or 100% of tax shown on return in…
Q: Security benefits, no tax-exe benefits are taxable. b. Assume Tyler and Candic
A: Working note:Combined income = $39,800 + $0+ $13,930/2= $46765Taxable benefits = $13,930 × 85% =…
Q: Joyce Leslie lives with her spouse and 21-year-old blind son, Keith, who qualifies for the…
A: A tax credit is a direct reduction in the quantum of income tax that an individual or business owes…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: Marginal Tax Rate: The marginal tax rate is the percentage of new revenue that must be subjected to…
Q: Mr. Olaf earned an $89,000 salary, and Ms. Olaf earned a $40,330 salary. The couple had no other…
A: Tax is the amount of expenses that is charged by the government to individuals and organizations on…
Q: Carl and Karina file a joint return. Karina earned a salary of $40,250 and received dividends of…
A: Social Security payments provide a percentage of wages for qualified retired and disabled persons,…
Q: How much of her SSB must Susan include in her taxable income? (R
A: Modified total income = Total income + 50% of SSB + Tax exempt interest = $58,800 + $18,700(50%) +…
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?
a. Her AMTI is $391,500.
b. Her AMTI is $1,080,600.
c. Her AMTI is $1,601,500.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Elijah has $66,000 of salary and $11,500 of itemized deductions. Eriana has $99,000 and 18,100 of itemized deductions. They are married and under age 65. Requirement A - Compute the taxable income for Elijah and Eriana if they file separately and Eriana claims itemized deductions on her returnDetermine the amount of the standard deduction for each of the following taxpayers for tax year 2021: a. Christina, who is single. b. Adrian and Carol, who are filing a joint return. Their son is blind. c. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. d. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents. e. Rodolfo, who is over 65 and is single. f. Bernard, who is a nonresident alien with U.S. income. g. Manuel, who is 70, and Esther, who is 63 and blind, will file a joint return. h. Herman, who is 75 and a qualifying widower with a dependent child. a. b. C. d. e. f. g. h. Standard deduction $ $ 12,550 25,100Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,750 33,000 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax $ $ $ Amount 85,118 52,618 X 5,903 X
- Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38, 588, and Petra has W-2 income of $46, 227. Use the appropriate Tax Tables and Tax Rate Schedules.Axel is single with a taxable income of $218,500. He itemizes his deductions. (Simplify your answers and round to the nearest cent.) a. How much would his tax bill be reduced if he contributed $4,200 to a tax-deductible fundraiser? Tax savings: $1470 b. How much would his tax bill be reduced if he were entitled to a $4,200 tax credit? Tax savings: $4200Ross is single with an adjusted gross income of $61,100, and he uses the standard deduction for single filers. After first finding his taxable income, calculate his tax liability (in $). Standard deduction for single filers is $12,000.
- Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax liability was $102,220 which included $39,900 capital gain taxed at 20 percent, and her AMTI in excess of her exemption amount was $422,500. Required: Compute Jaclyn's total income tax for 2021. Use Individual Tax Rate Schedules. Total income tax Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $19,900 Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 Married Filing Separately If taxable income is Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $314,150 Over $314,150 Head of Household If taxable income is Not over $14,200 Over $14,200 but not over $54,200 Over…Mr. Olaf earned an $89,000 salary, and Ms. Olaf earned a $40,330 salary. The couple had no other income and cannot itemize deductions. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Required: a. Compute their combined tax if they choose to file separate returns. b. Compute their tax if they file a joint return. Complete this question by entering your answers in the tabs below. Required A Required B Compute their combined tax if they choose to file separate returns. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Mr. Olaf's Tax Ms. Olaf's Tax Combined Tax IS $ $ Amount X Answer is complete but not entirely correct. 12,880 X 5,090 X 17,970Determine the taxable amount of social security benefits for the following situations. a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,200, no tax-exempt interest, and $13,720 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $19,800, no tax-exempt interest, and $21,780 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $116,500, no tax-exempt interest, and $17,475 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
- Brandon, an unmarried individual, has $196,300 taxable income. Assume the taxable year is 2022. Use Individual Tax Rate Schedules. Required: a. Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a single taxpayer. b. Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a head of household. c. Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a surviving spouse. Complete this question by entering your answers in the tabs below. X Answer is complete but not entirely correct. Required A Required B Required C Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a single taxpayer. Note: Do not round intermediate calculation. Round your "Average rate" answer to 2 decimal places (for example XX.XX%). Marginal rate Average rate 32 % 32.00%. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,600, no tax-exer 13,860 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. Assume Erwin and Eleanor have adjusted gross income of $18,400, no tax-exempt interest, and $20,240 of Social result, $ of the Social Security benefits are taxable. Assume Erwin and Eleanor have adjusted gross income of $103,000, no tax-exempt interest, and $15,450 of Socia result, $ of the Social Security benefits are taxable.Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $25,750. Their total income from wages is $288,800. What is the couple's taxable income?