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Jane and Robert firome are married and hwve eight children, all of whom are corridered dependents for Federal income tax purposes. Rebert eams $250,000 working
Jane and Robert firome are married and hwve eight children, all of whom are corridered dependents for Federal income tax purposes. Rebert eams $250,000 working as senior manager in a public accounting firm, and Jarne earns $172000 as an educational consultant. Civen their large family, they live in a frugal manner. The Drorms maintain a large garden and fruit tress from which they get most di their produce, and the children take family and consumer science classes to that they can help make the fambl's clothing and make houseliold repairs. The Erowns record no gross income other than their salaries (all of their investrisent income is earned from quatified rutirement suvings). and their ifemized deductions are less than the standard deduction of $27,700. In addition, they incur no additional adjuitments or preferences for AMrT purposes. Click here to access the 2023 tax rate schedule. Click here to accers the exermption table. If required, round vour final answers to the nearest dollar. If an amouat is zero, enter " 0 ", a. What is the couple's 2023 regular taxable incame? What is the couple's 2023 regular tax lisbility? Tentian Tohes Wr wark Thit AMT is separate from, but parallel to, the regular income tax system. Most income and expense itsms are treated the same way for both regular income tax and AMT purposes. In other cases, certain items are considered in both the regular income tax and AMT computations, but the amounts are different, Under certain circumatances, the applicatioci of percentage depletion rules may result in a tax praference for Aurt purposes. b. What is the couple's 2023 AMrT
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