Question: Answer each part from this problem #19 19. Mitch and Sydney file a joint income tax return for 2022. They have two dependent children, students,

Answer each part from this problem #19

Answer each part from this problem #19 19. Mitch and Sydney file

19. Mitch and Sydney file a joint income tax return for 2022. They have two dependent children, students, ages 19 and 20. Mitch earns wages of $908,000, and Mitch and Sydney have interest income of $102,000. In 2022, they settle a state tax audit and pay $50,000 for back state taxes due to an overly aggressive tax-sheltered investment. Their other expenses for the year include: (25 points) Mortgage interest $23,000 Real estate taxes 12,000 State taxes withheld 33,500 Cash charitable contributions 56,000 CPA fees for assistance with the state audit 4,500 .Calculate Mitch and Sydney's 2022 regular tax and tentative minimum tax on the schedule provided. Regular tax: Adjusted gross income Itemized deductions: Total itemized deductions Taxable income Tax from 2022 tax rate schedule Alternative minimum tax: Adjusted gross income Add tax preferences and adjustments: ess allowable deductions: Total deductions Alternative minimum taxable income AMT exemption ($114,600) Alternative minimum tax base Tentative minimum tax 26 percent of income up to $206,100; 28 percent of income in excess of $206,100) b. How much is the total tax liability shown on Mitch and Sydney's 2022 Form 1040

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