Tamara and Tony Mapp, a married couple, report the following items for the year: Taxable income...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Tamara and Tony Mapp, a married couple, report the following items for the year: Taxable income AMT adjustments Tax preferences Regular tax liability $136560 35160 38400 14794 What is their alternative minimum tax for the year? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] .11 Exemption Amounts for Alternative Minimum Tax. For taxable years beginning in 2023, the exemption amounts under § 55(d)(1) are: Joint Returns or Surviving Spouses $126,500 Unmarried Individuals (other than Surviving Spouses) $81,300 Married Individuals Filing Separate Returns Estates and Trusts $63,250 $28,400 For taxable years beginning in 2023, under § 55(b)(1), the excess taxable income above which the 28 percent tax rate applies is: Married Individuals Filing Separate Returns All Other Taxpayers $110,350 $220,700 For taxable years beginning in 2023, the amounts used under § 55(d)(2) to determine the phaseout of the exemption amounts are: Joint Returns or Surviving Spouses Threshold Phaseout amount Phaseout amount Complete $1,156,300 $1,662,300 Unmarried Individuals (other than Surviving Spouses) $578,150 $903,350 Married Individuals Filing Separate Returns $578,150 $831,150 Estates and Trusts $94,600 $208,200 Answer: 21741 × Tamara and Tony Mapp, a married couple, report the following items for the year: Taxable income AMT adjustments Tax preferences Regular tax liability $136560 35160 38400 14794 What is their alternative minimum tax for the year? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] .11 Exemption Amounts for Alternative Minimum Tax. For taxable years beginning in 2023, the exemption amounts under § 55(d)(1) are: Joint Returns or Surviving Spouses $126,500 Unmarried Individuals (other than Surviving Spouses) $81,300 Married Individuals Filing Separate Returns Estates and Trusts $63,250 $28,400 For taxable years beginning in 2023, under § 55(b)(1), the excess taxable income above which the 28 percent tax rate applies is: Married Individuals Filing Separate Returns All Other Taxpayers $110,350 $220,700 For taxable years beginning in 2023, the amounts used under § 55(d)(2) to determine the phaseout of the exemption amounts are: Joint Returns or Surviving Spouses Threshold Phaseout amount Phaseout amount Complete $1,156,300 $1,662,300 Unmarried Individuals (other than Surviving Spouses) $578,150 $903,350 Married Individuals Filing Separate Returns $578,150 $831,150 Estates and Trusts $94,600 $208,200 Answer: 21741 ×
Expert Answer:
Answer rating: 100% (QA)
To calculate the alternative minimum tax AMT for Tamara and Tony Mapp we need to determine their alt... View the full answer
Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
According to the 2020 Global Study on Occupational Fraud and Abuse, a tip is the most common way to report fraud. What should be the ethical considerations for employees before deciding whether to...
-
All Care Inc. reported the following selected information for the last three years (in millions, except for per share amounts): Instructions (a) Calculate All Care's return on equity, earnings per...
-
Hospital Supply, Inc., produced hydraulic hoists that were used by hospitals to move bedridden patients. The costs of manufacturing and marketing hydraulic hoists at the company's normal volume of...
-
Describe the differences between power and authority and the roles that ideology, gender, and the punishment of social violations play in societies.
-
Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20--. Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of...
-
Write the steps and the collection of clauses you would get for the following graph: 2 1 4
-
Ind the dom Set of teach of there, tomain where the domain is the set of froth set nt pach of these, predi cates int mategers o Pla) 2 <3 2atl =0 1. RCx) 3. PG) @ QCa); 2 Q (2); x = 2=2 @ R Ca):
-
1 2 3 4 Simulation 5 6 7 8 9 10 11 12 13 6/14/22 20 21 22 23 24 25 26 Random Number Sorter #VALUE! #DIV/0! #DIV/0! #DIV/0! 14 15 16 Simulation trials 17 Trial 18 19 Data 1 2 3 4 Enter the values and...
-
Please complete all of the following problems using the templates provided to you on the LMS site. Ensure that you have provided your name on each of the templates, zip the files and upload to the...
-
Prove: U x=1 |x bu i
-
Mark earns $12.00 per hour as a server in a coffee shop. If a person orders only a coffee, he is supposed to ask them if they would also like a doughnut. For every doughnut Mark sells in that way, he...
-
For the following set of forecasts (17, 20, 25, 31, 39) and actual values (19, 24, 28, 32, 38), calculate the MAD. Data collected on the annual demand for 50-pound fertilizer at Pikes Garden Supply...
-
If there is deficiency in the alpha granules of a blood platelets, what is the most logical conciseness for it ? Purpura Thrombocytopenia Thrombocythemia
-
Solve each equation. x 3 - 6x 2 = -8x
-
Larry and Donna are married. Donna has a qualified business that is not a specified service business. For the 2019 tax year, they file a joint return reporting taxable income of $335,000. In that tax...
-
How is the adjusted basis of property determined?
-
How may debt of the corporation affect a shareholder's basis in an S corporation?
-
Prove that van der Waals constants \((a, b)\) can be expressed in terms of critical temperature and pressure as follows: a = 27 R 2 T 2 c 64 P c b = R T c 8 P c a = 27 R 2 T c 2 64 P c b = R T c 8 P c
-
Show that where \[ \left(\frac{\partial U}{\partial V} ight)_{T}=\frac{T \beta}{\kappa}-P \] \(\beta=\) Coefficient of volume expansion \(\kappa=\) Isothermal compressibility.
-
Derive Maxwell's relations.
Study smarter with the SolutionInn App