vicourses/00cwl_metcpefp_common/cpe_fp_cases/FP 104/fp104_taxRate Table.html Tax Single Married Filing Married Filing Rates Jointly (MF) Separately (MFS) Head of Household (HOH) Estates Trusts (E&T) 10% 0 - 9,875 0 - 19,750 0 - 9,875 0 - 14,100 0 - 2,600 12% 19,751 - 80,250 9,876 - 40,125 9,876 - 40,125 14,101 53,700 Non Applicable 22% 40,126 -85,525 40,126 - 85,525 80,251 - 171,050 53,701 85,500 Non Applicable 24% 85,526 - 163,300 2,601 - 9,450 85,526 163,300 171,051 - 326,600 85,501 163,300 32% 163,301 163,301 - 207,350 326,601 - 414,700 163,301 - 207,350 Non Applicable 207,350 207,351 207,351 - 311,025 414,701 - 622,050 207,351 - 518,400 9,301 - 12,950 518.400 37 Over 622,050 Over 311.025 Over 518,00 Over 12,950 Over 518.400 Note: rome webdav/courses/Ocwr metopefp_common/cpe_fp_cases/FP10/p104_steins.html Steve and Jane Stein, both age 11, have four young children. For the last several years, Steve and Jane have had additional Alternative Minimum tax (AMT) liability when they filed their returns in April. Steve recently fired his accountant Tim Jones, because Steve felt that tim did not adequately explain what the Alternative Minimum Tax (AMT) was, and why the Steins were paying this tax year after year. Steve and Jane have engaged your services with the hope of getting their arms" around AMT. Detailed below, is an abbreviated tax return for the Steins for the tax year ended 2020 Stein's Abbreviated 2020 Tax Return (MF)): $400,000 Adjusted gross income 40,500 itemized deductions (detailed below) 359,500 Taxable income Regular tax liability 77,071 Other issues: 25/00cwr_metepefp_common/cpe_fp_cases/FP104/fp104_steins.html Other issues: 26,000 Bargain element the exercise of an ISO (Incentive Stock Option) 13,000 Municipal bond interest from private activity bonds (Subject to AMT) Detail of itemized deductions: Home mortgage interest 21,200 4,000 Home equity loan interest (used for personal debt consolidation and a vacation) 3,000 Deductible medical expenses (in excess of 7.5% of AGI) Property taxes 15,900 State income taxes 20,300 Charitable contributions 2,300 Question Completion Status: QUESTION 1 Before answering the following case study questions, please read the following information contained in the links below RORRE Schedule Stathe Steins How much is AMT payable? A 50 B. 52719 C.33.483 53575 vicourses/00cwl_metcpefp_common/cpe_fp_cases/FP 104/fp104_taxRate Table.html Tax Single Married Filing Married Filing Rates Jointly (MF) Separately (MFS) Head of Household (HOH) Estates Trusts (E&T) 10% 0 - 9,875 0 - 19,750 0 - 9,875 0 - 14,100 0 - 2,600 12% 19,751 - 80,250 9,876 - 40,125 9,876 - 40,125 14,101 53,700 Non Applicable 22% 40,126 -85,525 40,126 - 85,525 80,251 - 171,050 53,701 85,500 Non Applicable 24% 85,526 - 163,300 2,601 - 9,450 85,526 163,300 171,051 - 326,600 85,501 163,300 32% 163,301 163,301 - 207,350 326,601 - 414,700 163,301 - 207,350 Non Applicable 207,350 207,351 207,351 - 311,025 414,701 - 622,050 207,351 - 518,400 9,301 - 12,950 518.400 37 Over 622,050 Over 311.025 Over 518,00 Over 12,950 Over 518.400 Note: rome webdav/courses/Ocwr metopefp_common/cpe_fp_cases/FP10/p104_steins.html Steve and Jane Stein, both age 11, have four young children. For the last several years, Steve and Jane have had additional Alternative Minimum tax (AMT) liability when they filed their returns in April. Steve recently fired his accountant Tim Jones, because Steve felt that tim did not adequately explain what the Alternative Minimum Tax (AMT) was, and why the Steins were paying this tax year after year. Steve and Jane have engaged your services with the hope of getting their arms" around AMT. Detailed below, is an abbreviated tax return for the Steins for the tax year ended 2020 Stein's Abbreviated 2020 Tax Return (MF)): $400,000 Adjusted gross income 40,500 itemized deductions (detailed below) 359,500 Taxable income Regular tax liability 77,071 Other issues: 25/00cwr_metepefp_common/cpe_fp_cases/FP104/fp104_steins.html Other issues: 26,000 Bargain element the exercise of an ISO (Incentive Stock Option) 13,000 Municipal bond interest from private activity bonds (Subject to AMT) Detail of itemized deductions: Home mortgage interest 21,200 4,000 Home equity loan interest (used for personal debt consolidation and a vacation) 3,000 Deductible medical expenses (in excess of 7.5% of AGI) Property taxes 15,900 State income taxes 20,300 Charitable contributions 2,300 Question Completion Status: QUESTION 1 Before answering the following case study questions, please read the following information contained in the links below RORRE Schedule Stathe Steins How much is AMT payable? A 50 B. 52719 C.33.483 53575