Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Human Resource Function Audit

Authors: Peter Reilly, Marie Strebler, Polly Kettley

1st Edition

0955970776, 978-0955970771

More Books

Students also viewed these Accounting questions