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Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2022: Click here to access the exemption
Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2022: Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: 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 utilized in the calculation of their regular Federal income tax liability. \begin{tabular}{lrrr} \hline & & \multicolumn{2}{c}{ Phaseout } \\ \cline { 3 - 4 } Status & Exemption & Begins at & Ends at \\ \hline Married, joint & $118,100 & $1,079,800 & $1,552,200 \\ Single or head of household & 75,900 & 539,900 & 843,500 \\ Married, separate & 59,050 & 539,900 & 776,100 \\ \hline \end{tabular}
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