Question
Myra Doolittle, single, age 48, had net income of $109,000 from a business and two dependent children at home. She had AMT adjustments that reduced
Myra Doolittle, single, age 48, had net income of $109,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $25,200. She also had $80,000 in salary income and received from her employer 10,000 options to buy stock at $18 when the market price was $20. Her itemized deductions consisted of the following:
State and local taxes 24,250 (remember the limit)
Property taxes 7,950
Mortgage interest(1st) 16,920
Charitable contrib. 8,930
Medical insurance/exp 26,950 before considering AGI floor
Assume this is for 2019 what is Myras tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.
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