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True/False Please explain answer 1. A taxpayer taking the standard deduction will have no adjustments when calculating the AMT. 2. Most taxpayers will not have
True/False
Please explain answer
1. A taxpayer taking the standard deduction will have no adjustments when calculating the AMT.
2. Most taxpayers will not have AMT tax preference items
3. There is a wage cap on the HI portion but not on the OASDI portion of the self-employment tax.
4. The Additional Medicare Tax applies to both net earnings from self-employment and salary.
5. Income from separate property is always considered to be separate income.
6. One-half of the Additional Medicare Tax is deductible for AGI.
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