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Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2021: Salary $103,000 State income taxes
Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2021: Salary $103,000 State income taxes 10,300 Mortgage interest expense on principal 9,270 residence Charitable contributions Interest income 2,060 1,545 Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: a. Yanni's taxable income: 82,915 X b. Yanni's AMT base: 21,515 X c. Yanni's tentative minimum tax: 5,594 X Feedback Check My Work 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 Activate W utilized in the calculation of their regular Federal income tax liability. Go to Settings
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