Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 26P
Related questions
Question
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019?
| Taxable Income | Tax Rate |
| 0–$47,630 | 15% |
| $47,630–$95,259 | 20.5% |
| $95,259–$147,667 | 26% |
| $147,667–$210,371 | 29% |
| Net income(line 23600) | $ | 50,650 |
| Deductions to determine net income | $ | 11,840 |
| Federal income tax withheld | $ | 6,964 |
| Total non-refundable tax credit amounts, excluding medical expenses |
$ | 10,319 |
| Medical expenses | $ | 2,700 |
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