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please help solve for A & B. What are the clays taxes payable or a refund due? what is the tentative minimum tax and alternative
please help solve for A & B. What are the clays taxes payable or a refund due? what is the tentative minimum tax and alternative minimum tax. Medical expenses is 7.5% and for child credit ot would be $2,000 each child. i am confused about mortgage and how to solve for a & b
During all of 2021. Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one- half of the support for each child. Mr. and Mrs. Clay file Jointly for 2021. Neither is blind, and both are under age 65. They reported the following tax-related information for the year (Use the tax rate schedules, 2021 Alternative minimum tax (AMT) exemption) Salary income Prize from local radio station Medical expenses (no health insurance) Real estate taxes Alimony paid by Mr. Clay (divorced in 2015) State income taxes withheld in 2021 State income taxes paid with 2021 tax return (return was filed in April 2022) Federal income tax withholding Qualified home mortgage interest (acquisition debt of $300,000) Charitable contributions A. What are the Clays' taxes payable or refund due? (Ignore the alternative minimum tax.) B. What are the Clays' tentative minimum tax and alternative minimum tax? 1 of 2021. Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one- e support for each child, Mr and Mrs. Clay file jointly for 2021. Neither is blind, and both are under age 65 orted the following tax-related information for the year. (Use the tax rate schedules mative minimum tax. (AMT exemption) income from local radio station al expenses (no health insurance) state taxes ny paid by Mr. Clay (divorced in 2015) income taxes withheld in 2021 income taxes paid with 2021 tax return (return was filed in April 2022) al income tax withholding fied home mortgage interest (acquisition debt of $300,000) table contributions $ 125, eee 1,5ee 4, 80e 4,200 12,000 1,800 1,500 7,500 15,000 9, eee are the Clays' taxes payable or refund due? (Ignore the alternative minimum tox) are the Clays' tentative minimum tax and alternative minimum tax? Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: S 0 $ 19,900 10% of taxable income $ 19.900 $ 81,050 $1.990 plus 12% of the excess over $19,900 S 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 S 172,750 $ 329,850 $29,502 plus 24% of the excess over $172.750 $ 329,850 S 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 S628,300 $168,993.50 plus 37% of the excess over $628,300 EXHIBIT 8-5 2021 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single S114,600 57,300 73,600 Phase-Out Begins at Phase-Out Complete This Level of AMTI for This Level of AMTI $1,047,200 S1.505.600 523,600 752,800 523.600 818,000 Step by Step Solution
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