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Return to question 0 Required information (The following information applies to the questions displayed below) in 2021, Deon and NeNe are married filing Jointly, Deon

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Return to question 0 Required information (The following information applies to the questions displayed below) in 2021, Deon and NeNe are married filing Jointly, Deon and NeNe's taxable income (all ordinary) is $1,090,000, and they itemize their deductions as follows: real property taxes of $10,000, charitable contributions of $30,000, and mortgage Interest expense of $40,000 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference a. What Is Deon and NeNe's AMT? Answer is complete but not entirely correct. Deon and NeNo's AMT S 253,512 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 Complete Phase-Out Begins at for This Level of This Level of AMTI 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: S 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 $ 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 $ 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 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 S 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 $ 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 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately 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 $ 314,150 S47,843 plus 35% of the excess over $209,425 $ 314,150 $84,496.75 plus 37% of the excess over $314,150

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