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Please use the tax rate schedule attached! In 2021, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,102,300,
Please use the tax rate schedule attached!
In 2021, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,102,300, and they itemize their deductions as follows: real property taxes of $13,000 charitable contributions of $26,350, and mortgage interest expense of $44,000 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable) a. Dan and Anya's AMTI is $ b. Dan and Anya's AMT exemption is $ c. Dan and Anya's TMT is $[ d. Dan and Anya's AMT is $[ EXHIBIT 8-5 2021 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $114,600 57,300 73,600 Phase-Out Begins at Phase-Out Complete This Level of AMTI for This Level of AMTI $1,047,200 $1,505,600 523,600 752,800 523,600 818,000 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.950 10% of taxable income $ 9.950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $164.925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19.900 10% of taxable income $ 19.900 S 81,050 $1.990 plus 12% of the excess over $19,900 $ 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 $ 418,850 $67,206 plus 32% of the excess over $329,850 S 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 S 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 S 164.900 $13,293 plus 24% of the excess over $86,350 $164.900 $ 209,400 $32,145 plus 32% of the excess over $164,900 S 209 400 $ 523,600 $46,385 plus 35% of the excess over $209,400 S 523,600 $156,355 plus 37% of the excess over $523.600 Step by Step Solution
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