Nancy is a California resident who is filing her taxes as a head of household. Her alternativeminimum taxable (AMT) income for 2020 is $179,000. What is her maximum alternative minimum tax(AMT) exemption amount?A. $45,895B. S63,481C. S74,780D. S91,793

AMT termed as Alternative minimum tax which refers to the tax that is imposed through the federal…

Nancy is a California resident who is filing her taxes as a head of household. Her minimum taxable (AMT) income for 2020 is $179,00O. What is her maximum alternative minimt (AMT) exemption amount? 7A7 oOD C01702

Nancy is a California resident who is filing her taxes as a head of household. Her minimum taxable (AMT) income for 2020 is $179,00O. What is her maximum alternative minimt (AMT) exemption amount? 7A7 oOD C01702

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 25CE

See similar textbooks

Related questions

Q: Naomi uses the filing status of Single for 2021. Her taxable income is $612.353, which includes…

A: Question 1 For 2021 When single tax payers As total taxalable income is Then qualified dividend…

Q: Andrea has a taxable income of $46,760 and does not have a spouse. What is Andrea's gross tax…

A: Gross tax refers to the amount which is determined grounded on the aggregate amount of money the…

Q: Keith is single with taxable income of $90,000. Use the 2021 tax rate schedule to calculate Keith's…

A: Lets understand the basics. As per IRS, there are seven brackets for the calculation of taxes which…

Q: Jacob is single with no dependents. During 2020, he has $51,500 of taxable income. He also has…

A: Alternative Minimum Tax places a floor on the percentage of taxes that a filer must pay to the…

Q: Annette, a resident has a dependant spouse with an adjusted taxable income of $30 000 and three…

A: Annette, a resident has dependent spouse with adjusted taxable income = $30000 Also has three…

Q: nswer to 2 decimal places.) A. Her $44,600 of taxable income includes $3,600 of qualified…

A: Calculation of tax liability in A. Qualified dividend are taxed as capital gains. Therefore, total…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

Q: Miriam Anne is a single taxpayer. What federal taxes does she pay if her taxable income is (a)…

A: Given that: Miriam Anne is a single taxpayer.

Q: Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After an investigation, it…

A: Income tax return refers to the statement filed with the government that reflects the income,…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $81,000 for the 2018 tax year.…

A: The tax liability indicates the income tax payable by the taxpayers on the taxable income. The…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: All amounts are in dollar ($).

Q: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only…

A: Taxable income is the portion of a person's or a company's income that is used to calculate how much…

Q: Corine is filing as head of household and has 2020 taxable income of $35,000 which includes $23.000…

A: Taxable income refers to the base income on which the tax is imposed and it involves all the income…

Q: Your standard deduction will be $12,400 in 2020 if you are: a. A married individual filing a…

A: Standard deduction is the portion of income that is reduced from gross income which ultimately…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: Taxable income would be any remuneration received by an individual or corporation that would be used…

Q: e is a single taxpayer- nce on her pre-2021 ere to access the wit

A: Part A Particulars Amount Wages 2,200.00 Less: Allowance -358.00 Adjusted Wages…

Q: Jacob is single with no dependents. During 2020, he has $51,000 of taxable income. He also has…

A: Alternate minimum tax: Alternate minimum tax can be defined as the minimum amount of tax or the…

Q: Determine the amount of taxable income of Aaron Rentz in 2020, who is single and has $900 of wages…

A: In the context of the given question, we are required to find out the correct option from the…

Q: Wanda, a single taxpayer, has alternative minimum taxable income of $149,200 for 2020. Her regular…

A: Alternative Minimum Tax (AMT) is a tax liable on the minimum income earned by a person in the United…

Q: During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and…

A: As per Australia tax laws Taxable income = Assessable income - allowable deductions

Q: Henry files as a single taxpayer. In 2020 his taxable income was $95,525. Using the tax rate…

A: Income tax is a financial charge imposed by a country’s revenue department for funding the security,…

Q: 18. .n 2020, Meghann Carlson, a single taxpayer, has QBI of $120,800 and modified taxable income of…

A: Federal income taxes are imposed in USA. The income tax is determined by applying tax rate which…

Q: Jenny, single, operates a sole proprietorship. In 2020, her sole proprietorship generates QBI of…

A: A tax is a mandatory contribution or financial fees levied by the government on the income generated…

Q: Brooklyn files as a head of household for 2021. She claimed the standard deduction of $18,800 for…

A: Brooklyn’s AMTI = $ 74,950

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: Jane Doe is single and claims 2 withholding allowances. If her weekly gross earning is $1,450, then…

A: Federal Withholding Tax: It is the tax which one pays to the government of their respective country…

Q: Assuming Fred itemizes, how much state income tax deduction should he report on his 2019 federal…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother…

A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

Q: Robert is a single taxpayer who has an AGI of $145,000 in 2020, his taxable income is $122,000. What…

A: Tax liability of an individual depends on the net taxable income for the previous period. Taxable…

Q: During 2020, John Martin is a resident of Ontario and has calculated his taxable income to be…

A: Federal tax is paid by the individual to the government on the income earned. It is an income for…

Q: Sarah is completing her tax return for the year 2021 and calculating her personal exemption. I'm 25…

A: As per income tax Act 1961 As an Assesses file return under section 139 Where the exemption for…

Q: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

A: Tax is regarded as the mandatory amount which is paid by the taxpayer to the state or local…

Q: During the year ended 30 jun 2020, melissa, a resident of Australia, has received rents of $5946 and…

A: 1. Gross Income = it is the total income received by the individual. 2. Deduction: These are the…

Q: Mazik, age 17, is a dependent of his parents.Mazik earned wages of $12,500 and had no investment…

A: Solution - A wages $12500 AGI $12500 B Standard deduction= $12150 greater of $1100 or…

Q: Henrich is a single taxpayer. In 2020, his taxable income is $451,000. What is his income tax and…

A: Hello, I am only answering first three sub parts of the question as per the policy and if you want…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each…

A: Tax liability is a payment owing to a federal, state, or municipal tax body by an individual, a…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: Tax brackets were created by the IRS to determine how much money you need to pay the IRS…

Q: Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying…

A: Earned income credit: The earned income credit is a refundable tax credit for working couples and…

Q: In 2021, Meghann, a single taxpayer, has QBI of $138,400 and modified taxable income of $96,880…

A: The qualified business income deduction allows the taxpayer to deduct up to 20 percent of their…

Q: Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file…

A: Income tax is the tax paid by an individual or an entity on the income earned in a particular year…

Q: Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of…

A: An alternative minimum tax (AMT) places a floor on the percentage of taxes that a filer must pay to…

Q: 58, reports taxable income of $510,000 in 2021. His AMT base is $625,000, and his regular tax…

A: AMT Adjustment Explanation Because some tax items are treated differently for AMT purposes, a…

Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: Paulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was…

A: Given that, Paulina Morales is as single tax payer wage income = $68950 Her only other income =…

Q: Courtney is a single taxpayer with modified adjusted gross income of $140000 and an active…

A: Rental loss allowance is allowed for active participation in rental activities and no rental…

Q: Ms Rivera with four qualified dependent children had a net taxable compensation income of P 450,000…

A: Tax is a tax that individuals and businesses must pay to the government in order for the government…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 for the 2018 tax year.…

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98,000 and his…

A: Calculation of Taxable income:

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Nancy is a California resident who is filing her taxes as a head of household. Her alternative
minimum taxable (AMT) income for 2020 is $179,000. What is her maximum alternative minimum tax
(AMT) exemption amount?
A. $45,895B. S63,481C. S74,780D. S91,793

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________
Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2020. Her employer offered to pay her 21,000 per month in 2020 for a total of 252,000. Freda countered that she would accept 10,000 each month for the 12 months in 2020 and the remaining 132,000 in January 2021. The employer accepted Fredas terms for 2020 and 2021. a. Did Freda actually or constructively receive 252,000 in 2020? b. What could explain Fredas willingness to spread her salary over a longer period of time? c. In December 2020, after Freda had earned the right to collect the 132,000 in 2020, the employer offered 133,000 to Freda at that time, rather than 132,000 in January 2021. The employer wanted to make the early payment so as to deduct the expense in 2020. Freda rejected the employers offer. Was Freda in constructive receipt of the income in 2020? Explain.
Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. What is the maximum amount that Karen may deduct for contributions to her IRA for 2019? $__________________________ If Karen is a calendar year taxpayer and files her tax return on August 15, what is the last date on which she can make her contribution to the IRA and deduct it for 2019? $__________________________
Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
Arlen is required by his 2019 divorce agreement to pay alimony of $2,000 a month and child support of $ 2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen? What is the tax treatment of these two payments for Jane? Arlen_______________________________________________________________________________________________________________________________________________ Jane_______________________________________________________________________________________________________________________________________________