Required Information [The following information applies to the questions displayed below.] In 2022, Janet and Ray are marrled filling Jolntly. They have five dependent children under 18 years of age. Janet and Ray's taxable Income (all ordinary) is $2,404,600, and they itemize their deductions as follows: state Income taxes of $16,900 and mortgage Interest expense of $25,000 (acquisition debt of $300,000 ). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Janet and Ray's AMT? EXHIBIT 8-5 2022 AMT Exemptions Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$ & $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} Required Information [The following information applies to the questions displayed below.] In 2022, Janet and Ray are marrled filling Jolntly. They have five dependent children under 18 years of age. Janet and Ray's taxable Income (all ordinary) is $2,404,600, and they itemize their deductions as follows: state Income taxes of $16,900 and mortgage Interest expense of $25,000 (acquisition debt of $300,000 ). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Janet and Ray's AMT? EXHIBIT 8-5 2022 AMT Exemptions Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$ & $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}