1. In 2020, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $105,000 and Fred would have reported taxable income of $195,000. What is the couples marriage penalty or benefit? (Enter a penalty as a positive and a benefit as a negative)

2. In 2020, Jasmine and Thomas, a married couple, have taxable income of $165,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $15,000. What is the couples marriage penalty or benefit? (Enter a marriage benefit as a negative.)

1. In 2020, Sheryl is claimed as a dependent on her parents tax return. Sheryl did not provide more than half her own support. She received $6,800 from a part-time job. This was her only source of income. She is 16 years old at year-end. What is Sheryls tax liability for the year?

1. In 2020, Sheryl is claimed as a dependent on her parents tax return. Sheryl did not provide more than half her own support. She received $6,800 of interest income from corporate bonds she received several years ago. This was her only source of income. She is 16 years old at year-end. What is Sheryls tax liability for the year?

1. In 2020, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $500 from the prior year. What is Nadias AMTI this year if she deducted $15,000 of itemized deductions last year (she did not owe AMT last year)?

2. Steves tentative minimum tax (TMT) for 2020 is $242,000. What is his AMT if his regular tax is $230,000?