ASAP

The John Smith works for the State of California he is married (no children) and earned $150,000 in 2016. They have purchased a house in Davis for $600,000. The interest part of their annual mortgage payment is $18,000 in 2016. They pay $7000 property taxes and $3,000 state taxes in 2016. Consider the following tax schedule for married people filing jointly in 2016 Married Filing Jointly or Qualifying Widow(er) Exemptions = $4, 050 per person Standard deduction = $12, 600 (for married couple filing jointly) Calculate the following items for the Smith family a) Taxable income b) Federal income tax (under regular tax) c) AMT taxable income (assuming an AMT exemption of $83, 800) d) AMT liability (marginal tax rate for AMT taxable income up to $117,000 is 26%) e) Federal income tax (regular + AMT liability) f) Effective marginal (Federal) g) Effective average tax rates (Federal). h) Payroll Tax (6.2% social security and 1.45 Medicare) i) Overall income tax (Federal, State and payroll) j) Effective average tax rate (overall) k) Redo parts (a) to (j) assuming 401k savings is $33,000