In 2019, Juanita is married and files a joint tax return with her husband. What is...
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In 2019, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Input all values as positive. Leave no answer blank. Enter zero if applicable.) a. Her AMT base is $148,000, all ordinary income. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax b. Her AMT base is $390,000, all ordinary income. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax c. Her AMT base is $148,000, which includes $21,700 of qualified dividends. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax d. Her AMT base is $390,000, which includes $21,700 of qualified dividends. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Separately $0 - $39,375 Rate* Married Filing Jointly Single Head of Household Trusts and Estates $O - $78,750 $78,751 - $488,850 $0 - $39,375 $39,376 - $434,550 $0 - $52,750 $52,751 - $461,700 $0 - $2,650 $2,651 - $12,950 0% 15% $39,376 - $244,425 20% $488,851+ $244,426+ $434,551+ $461,701+ $12,951+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: |10% of taxable income $ 9,700 $ 39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $ $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $510,300 $46,628.50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 $204,100 $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,400 $ 78,950 The tax is: $ 19,400 10% of taxable income $ 78,950 $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over $168,400 S65,497 plus 32% of the excess over $321,450 $168,400 $168,400 $321,450 $321,450 $408,200 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 In 2019, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Input all values as positive. Leave no answer blank. Enter zero if applicable.) a. Her AMT base is $148,000, all ordinary income. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax b. Her AMT base is $390,000, all ordinary income. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax c. Her AMT base is $148,000, which includes $21,700 of qualified dividends. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax d. Her AMT base is $390,000, which includes $21,700 of qualified dividends. Description Amount (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Separately $0 - $39,375 Rate* Married Filing Jointly Single Head of Household Trusts and Estates $O - $78,750 $78,751 - $488,850 $0 - $39,375 $39,376 - $434,550 $0 - $52,750 $52,751 - $461,700 $0 - $2,650 $2,651 - $12,950 0% 15% $39,376 - $244,425 20% $488,851+ $244,426+ $434,551+ $461,701+ $12,951+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: |10% of taxable income $ 9,700 $ 39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $ $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $510,300 $46,628.50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 $204,100 $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,400 $ 78,950 The tax is: $ 19,400 10% of taxable income $ 78,950 $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 S28,765 plus 24% of the excess over $168,400 S65,497 plus 32% of the excess over $321,450 $168,400 $168,400 $321,450 $321,450 $408,200 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350
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AMT BASE 148000 Married filing jointly 019400 tax rate 10 1940078950 tax rate 12 78950148000 tax rat... View the full answer
Related Book For
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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