Use 2022 tax rate schedule

Problem 8-61 (LO 8-2) (Algo) [The following information applies to the questions displayed below.] In 2022, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,402,400, and they itemize their deductions as follows: state income taxes of $13,600 and mortgage interest expense of $25,000 (acquisition debt of $300,000 ). Use Exhibit 8-5 and Tax Rate Schedule for reference. Problem 8-61 Part a (Algo) a. What is Janet and Ray's AMT? EXHIBIT 8-5 2022 AMT Exemptions