Question
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital gain.
- Mr. and Mrs. Bakers taxable income on their joint return was $201,000, and their AMTI before exemption was $203,900.
- Mr. Costas taxable income on his single return was $178,110, and his AMTI before exemption was $198,900.
- Ms. Whites taxable income on her single return was $652,075, and her AMTI before exemption was $795,700.
Assume the taxable year is 2019. Use Individual Tax Rate Schedules.
what is the AMT for them?
A. Mr. and Mrs. Bakers taxable income on their joint return was $201,000, and their AMTI before exemption was $203,900. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
B. Mr. Costas taxable income on his single return was $178,110, and his AMTI before exemption was $198,900. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
C. Ms. Whites taxable income on her single return was $652,075, and her AMTI before exemption was $795,700. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
ezlu-li-meuld. euuldLIUIT.CUIT Married Filing Jointly and Surviving Spouse If taxable income is: The tax is: Not over $19,400 10% of taxable income Over $19,400 but not over $78,950 $1,940 + 12% of excess over $19,400 Over $78,950 but not over $168,400 $9,086 + 22% of excess over $78,950 Over $168,400 but not over $321,450 $28,765 +24% of excess over $168,400 Over $321,450 but not over $408,200 $65,497 + 32% of excess over $321,450 Over $408.200 but not over $612,350 $93,257 + 35% of excess over $405,200 Over $612.350 $164,709.50 + 37% of excess over $612,350 Married Filing Separately If taxable income is: The tax is: Not over $9,700 10% of taxable income Over $9,700 but not over $39,475 $970 +12% of excess over $9,700 Over $39,475 but not over $84,200 $4,543 + 22% of excess over $39,475 Over $84.200 but not over $160,725 $14,382.50 +24% of excess over $84,200 Over $160,725 but not over $204,100 $32,748.50 + 32% of excess over $160,725 Over $204,100 but not over $306,175 $46,628.50 + 35% of excess over S204,100 Over $306,175 $82,354.75 +37% of excess over $306,175 Heads of Household If taxable income is: The tax is: Not over $13.850 10% of taxable income Over $13,550 but not over $52,950 $1,385 +12% of excess over $13,850 Over $52,950 but not over $S4,200 $6,065 + 22% of excess over $52,950 Over $84,200 but not over $160,700 $12,962 +24% of excess over $84,200 Over $160,700 but not over $204,100 $31,322 + 32% of excess over $160,700 Over $204,100 but not over $510,300 $45,210 + 35% of excess over $204,100 Over $510,300 $152,350 + 37% of excess over $510,300 Single If taxable income is: The tax is: Not over $9,700 10% of taxable income Over $9,700 but not over $39,475 $970 +12% of excess over $9.700 Over $39,475 but not over SS4,200 $4,543 + 22% of excess over $39,475 Over $84,200 but not over $160,725 $14,382.5 + 24% of excess over $84,200 Over $160,725 but not over $204,100 $32,748.5+ 32% of excess over $160,725 Over $204,100 but not over $510,300 $46,628.5 + 35% of excess over $204,100 Over $510,300 $153,798.5 + 37% of excess over 510,300
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