Question
Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2021: Salary $121,000 State income taxes 12,100
Exercise 12-22 (Algorithmic) (LO. 2, 3, 5)
Yanni, who is single, provides you with the following information for 2021:
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Click here to access the exemption table. If required, round your answers to the nearest dollar.
Compute the following:
a. Yanni's taxable income: | $fill in the blank 1 |
b. Yanni's AMT base: | $fill in the blank 2 |
c. Yanni's tentative minimum tax: | $fill in the blank 3 |
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In theory, all individual taxpayers subject to the Federal income tax are subject to AMT. Whether a taxpayer has an AMT liability depends on a number of factors, including the taxpayer's income, geographic location, and family situation as well as the exclusions, deductions, and credits utilized in the calculation of their regular Federal income tax liability.
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