**Exercise 12-22 (Algorithmic) (LO 2, 3, 5)**Yanni, who is single, provides you with the following information for 2021:- **Salary:** $117,400- **State income taxes:** $11,740- **Mortgage interest expense on principal residence:** $10,566- **Charitable contributions:** $2,348- **Interest income:** $1,761Click here to access the [exemption table](#). If required, round your answers to the nearest dollar.**Compute the following:**a. **Yanni's taxable income:** $94,507b. **Yanni's AMT base:** $32,647c. **Yanni's tentative minimum tax:** $8,488*To verify your calculations, click "Check My Work."*This exercise helps users understand how to calculate taxable income, the AMT base, and the tentative minimum tax, given various financial inputs for an individual.

Taxable income refers to the income or amount which is used for determining the taxed owed through…

Answered: Yanni, who is single, provides you with…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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13.Samir is single and 55 years of age, and has gross income of $58,000 in 2019. His expenses are as follows: Alimony paid (divorced in 2013) $15,000; Charitable contributions 3,000 Contribution to a traditional IRA 5,000, Interest on home mortgage and property taxes on residence 6,000: and State income tax 3,200. What is Samir's AGI for 2019? A.$19,800, B.$30,000. C$35,000. D.S38,000 E.None of these answers.
Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020. The joint Social Security is 644-47-7833. The couple has AGI of $ 28,108 for 2020 and provided the following information all which can be verified for 2020: Medical related expenses: Medical insurance premiums $ 1,200 Premiums in insurance policy that pays $100 per day for each day that Megan is hospitalized 400 Medical care and lodging 80 Hospital bills 2,200 Doctor bills 750 Dentist bills 240 Prescription drugs and medicines 360 Over-the-counter medicines 510 Marriage counseling 400 The couple drove 90 miles for medial transportation and their insurance reimbursed them $850 for the above expenses. Taxes related expenses: Megan’s employer withheld State income tax $ 3,400 Megan paid additional state income tax for 2019 600 Real estate taxes on home 2,100 Personal property taxes based on home value 130 State gasoline taxes 80 General sales tax for the year 1,200 Federal income taxes…
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Yanni, who is single, provides you with the following information for 2021: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions Interest income Click here to access th $117,400 11,740 10,566 2,348 1,761