During 2021, Madeline and her husband have regular taxable income (before personal exemptions) of $500,000. On...
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During 2021, Madeline and her husband have regular taxable income (before personal exemptions) of $500,000. On their return they had the following income and expense items: a) $8,000 state and local taxes paid b) $600,000 in salary c) 75,000 in muni-bond interest, $25,000 of which was private use muni-bonds d) Mortgage interest of $5,000. e) $50,000 in charitable deductions. Madeline receives an $114,600 exemption (assume that it is not phased-out) for alternative minimum tax purposes for filing married filing jointly. Her alternative minimum tax rate is 26% of the first $199,900 and 28% of the remaining alternative minimum income. What is their alternative minimum income tax? During 2021, Madeline and her husband have regular taxable income (before personal exemptions) of $500,000. On their return they had the following income and expense items: a) $8,000 state and local taxes paid b) $600,000 in salary c) 75,000 in muni-bond interest, $25,000 of which was private use muni-bonds d) Mortgage interest of $5,000. e) $50,000 in charitable deductions. Madeline receives an $114,600 exemption (assume that it is not phased-out) for alternative minimum tax purposes for filing married filing jointly. Her alternative minimum tax rate is 26% of the first $199,900 and 28% of the remaining alternative minimum income. What is their alternative minimum income tax?
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Calculation of Alternative Minimum Income Tax Calculation of Adjusted Gross ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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