Steve's tentative minimum tax (TMT) for 2022 is $245,800. Note: Leave no answer blank. Enter zero if applicable. Required: a. What is his AMT if his regular tax is $229,500? b. What is his AMT if his regular tax is $2154,250?

Steve's tentative minimum tax (TMT) for 2022 is $245,800. Note: Leave no answer blank. Enter zero if applicable. Required: a. What is his AMT if his regular tax is $229,500? b. What is his AMT if his regular tax is $2154,250?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 73P

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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

Ay 1

Steve's tentative minimum tax (TMT) for 2022 is $245,800.
Note: Leave no answer blank. Enter zero if applicable.
Required:
a. What is his AMT if his regular tax is $229,500?
b. What is his AMT if his regular tax is $154,250?

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