Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

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!
image text in transcribed
image text in transcribed
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing The Art and Science of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser

12th Canadian edition

978-0133098235

Students also viewed these Accounting questions

Question

Define Management or What is Management?

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago