Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer to the questions correctly 18. (LO5) If federal AGI is $36,200 and a California resident taxpayer had interest income from Sacramento City bonds of

Answer to the questions correctly image text in transcribed
image text in transcribed
image text in transcribed
18. (LO5) If federal AGI is $36,200 and a California resident taxpayer had interest income from Sacramento City bonds of $360, what is the amount of California AGI? 19. (LO5) If a taxpayer had $5,600 in unemployment compensation during 2022 and federal AGI of $24,160, what is the taxpayer's California AGI? 20. (LO5) A CA resident taxpayer's federal AGI is $84,500. The federal AGI includes a taxable California income tax refund of $2,100. The taxpayer also has City of Denver interest income of $400 and deducted Federal bonus depreciation of $670. How much is the taxpayer's California AGI? \begin{tabular}{||l|l|} \hline T F & 25.(LO7)MostadjustmentsandpreferenceitemsusedinthecomputationoftheCaliforniaAlternativeMinimumTaxdecreasetheincomeonwhichthetaxiscomputed. \\ \hline$ \$ & 26.(LO7)DelandDawns(MFJ)regulartaxableincomeis$78,415andtheirAlternativeMinimumTaxableIncomebeforetheexemptionis$127,230.HowmuchistheirTentativeAlternativeMinimumTax?Youranswershouldnotconsiderregulartax. \\ \hline \$ & 27.(LO7)Refertoquestion#26.Howmuchtotaltaxmusttheypay?(Nowconsiderregulartax.) \\ \hline T F & 28.(LO8)MostCaliforniataxpayersclaimatleastonecredit. \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions