Albert is a single person who receives a $300,000 salary in 2021. Albert pays $10,000 in state property taxes, $8,000 in mortgage interest, and has a medical expenses of $25,000. Please determine if Albert is subject to the Alternative Minimum Tax and how much (if any) AMT he owes. Be sure to fully explain your answer. If taxable income is: The tax is: Not over $9,525 10% of taxable income. Over $9,525 but not over $38,700 $952.50, plus 12% of the excess over $9,525. Over $38,700 but not over $82,500 $4,453.50, plus 22% of the excess over $38,700. Over $82,500 but not over $157,500 $14,089.50, plus 24% of the excess over $82,500. Over $157,500 but not over $200,000 $32,089.50, plus 32% of the excess over $157,500 Over $200,000 but not over $500,000 $45,689.50, plus 35% of the excess over $200,000. Over $500,000 $150,689.50, plus 37% of the excess over $500,000