Question

Yanni, who is single, provides you with the following information for 2019: Salary $106,600 State income...

Yanni, who is single, provides you with the following information for 2019:

Salary $106,600

State income taxes 10,660

Mortgage interest expense 9,594

Charitable contributions 2,132

Interest income 1,599

. If required, round your answers to the nearest dollar. Compute the following:

a. Yanni's taxable income: $

b. Yanni's AMT base: $

c. Yanni's tentative minimum tax: $ ?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer:

Answer:

a. Taxable income = $86,473

b. AMT base = $96,473

c. Tentative minimum tax = $6,441

Working:

Taxable income

AMTI

Salary

$ 106,600

$ 106,600

Interest income

$ 1,599

$ 1,599

Less:

State income taxes

$ 10,000

$ 0

Mortgage interest expense

$ 9,594

$ 9,594

Charitable contributions

$ 2,132

$ 2,132

$ 86,473

$ 96,473

Less: AMT exemption

$ 71,700

AMTI

$ 24,773

Tentative minimum tax (26% of AMTI)

$ 6,441
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000,...
In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000, and they itemize their deductions as follows: real property taxes of $17,700, charitable contributions of $24,250, and mortgage interest expense of $48,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. rev: 02_29_2020_QC_CS-202942 a. What is Deon and NeNe's AMT? **** This is incorrect : Taxable Income       1,190,000Less:Charitable contributions            24,250Mortagage Interest Expense            48,400           (72,650)       1,117,350Less:AMT Exemption           111,700AMT base       1,005,650AMT=AMT*26%          ...
Paul is single, age 33 and earned a salary of $70,000. In 2019, Paul received a...
Paul is single, age 33 and earned a salary of $70,000. In 2019, Paul received a state tax refund of $2,000 based upon his 2018 state tax return. Paul itemized deductions in 2018 on his federal tax return which included a deduction only State income taxes. Paul's potential itemized deductions for the current year are as follows: medical expenses $4,000 Charitable contributions $500 Mortgage interest $1,000 Real estate taxes $11,000 Calculate Paul's taxable income for 2019 and Paul's income tax...
Dan and Maureen file a joint income tax return for 2019. They have two dependent children,...
Dan and Maureen file a joint income tax return for 2019. They have two dependent children, ages 7 and 9. Together they earn wages of $830,000. They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $78,000. During 2019, they received a state income tax refund of $3,000 relating to their 2018 state income tax return on which they itemized deductions. Their expenses for the year consist of the following: Home mortgage interest...
9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses...
9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses during 2019: Medical expenses $ 5,000 Alimony (divorce finalized in 2019) 24,000 Charitable contributions 2,000 Federal disaster casuality loss 3,000 Mortgage interest on personal residence 4,500 Property taxes on personal residence 4,200 Moving expenses 2,500 Contribution to a traditional IRA 3,000 Sales taxes (no state or local income tax is imposed) 1,300 Student loan interest 2,000 A. Calculate Jack's deductions for AGI. B. Calculate...
Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $21,980 State and local income taxes $10,836 Real estate taxes $2,167 Home mortgage interest $18,060 Charitable contributions $4,334 Deductible investment interest expense $1,625 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $
Ellen , 45 and single has the following income and deductions in 2019. Salary                             &
Ellen , 45 and single has the following income and deductions in 2019. Salary                                                          $50,000 Interest Income                                                3,200 Dividends                                                           800 Medical Expenses                                            6,150 Property Taxes on Personal residence             6,300 Interest on Home Mortgage                             7,600 State and Local Income Taxes                         5,800 State and Local Sales Taxes                            2,000 Investment Interest Expense                           5,000 In addition, Ellen’s car (value =$15,000, cost $20,000) was stolen during the year and the insurance reimbursement was $7,000. She also had $2,000 of travel expenses related to her job...
[The following information applies to the questions displayed below.] In 2019, Deon and NeNe are married...
[The following information applies to the questions displayed below.] In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000, and they itemize their deductions as follows: real property taxes of $17,700, charitable contributions of $24,250, and mortgage interest expense of $48,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. rev: 02_29_2020_QC_CS-202942 a. What is Deon and NeNe's AMT
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries $150,000 Bank account interest 25,000 Dividend income 5,000 Short-term capital gains 4,000 Short-term capital losses (1,500) They also incurred the following expenses: Qualified medical expenses $ 8,000 State income taxes paid 12,000 Property taxes on home 2,300 Qualified residence interest 9,000 Investment interest expense 7,500 Cash charitable contributions 15,000 a. Compute Richard and Denisa’s taxable income for the year....
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries                                                         $150,000 Bank account interest                                                25,000 Dividend income                                                         5,000 Short-term capital gains                                              4,000 Short-term capital losses                                           (1,500) They also incurred the following expenses: Qualified medical expenses                                     $ 8,000 State income taxes paid                                             12,000 Property taxes on home                                               2,300 Qualified residence interest                                         9,000 Investment interest expense                                        7,500 Cash charitable contributions                                    15,000 a. Compute Richard and Denisa’s taxable income for the year....
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real...
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $600 from the prior year. What is Nadia’s...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT