Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help With B & D ( D has the same questions are B.. but uses base of $460,000 which includes $20,000 of qualified dividends
Need help With B & D ( D has the same questions are B.. but uses base of $460,000 which includes $20,000 of qualified dividends )
In 2022, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Input all values as positive. Leave no answer blank. Enter zero if applicable. Required: a. Her AMT base is $107,000, all ordinary income. b. Her AMT base is $460,000, all ordinary income. c. Her AMT base is $107,000, which includes $20,000 of qualified dividends. d. Her AMT base is $460,000, which includes $20,000 of qualified dividends. Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$0 & $20,550 & 10% of taxable income \\ \hline$20,550 & $83,550 & $2,055 plus 12% of the excess over $20,550 \\ \hline$83,550 & $178,150 & $9,615 plus 22% of the excess over $83,550 \\ \hline$178,150 & $340,100 & $30,427 plus 24% of the excess over $178,150 \\ \hline$340,100 & $431,900 & $69,295 plus 32% of the excess over $340,100 \\ \hline$431,900 & $647,850 & $98,671 plus 35% of the excess over $431,900 \\ \hline$647,850 & & $174,253.50 plus 37% of the excess over $647,850 \\ \hline \end{tabular} Tax Rates for Net Capital Gains and Qualified Dividends for this purpose). Her AMT base is $460,000, all ordinary incomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started