Reference If AMTI minus the Alternative Minimum Tax - 2020 exemption amount is: But Not Over- Over- S 05 197,900 197,900 $ The Tax Is: Of the Amount Over- 26% $ 0 51,454 + 28% $ 197,900 $98,950 and $25,727 for married taxpayers filing separately Data table Taxable income 100,000 Tax preferences 20,000 AMT adjustments related to itemized deductions 30,000 Regular tax liability 13,580 2020 Basic 2020 Phaseout AMT exemption and phase-out amounts: Exemption Threshold Unmarried individuals (other than surviving spouses and heads of households) Mamed individuals filing joint returns and surviving spouses 5. 72,900 $ 518,400 113,400 1,036,000 Married individuals filing separate returns 56,700 518,400 Requirement a and b. What is the Smith's AMT liability? What would be William's AMT liability if he were an unmarried taxpayer filing single with a regular tax liability of $18,080? Select the labels and complete the table below to determine the Smith's alternative minimum tax (AMT). Then, determine William's AMT liability if he were an unmarried taxpayer filing single with a regular tax liability of $18,080. (Complete all answer boxes. Enter a "0" there is no AMT liability.) Plus: AMT Adjustment for itemized deductions AMT Exemption amount AMT Tax rate Regular income tax liability Tax preferences Taxable income Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount Tentative minimum tax Minus: Alternative minimum tax (AMT) (a) Smith's AMT (b) William's AMT % %