7 Using the tax rates for Married Persons Filing Jointly forthe Year 2018, what is the amount of federal income taxthat is due for an individual (married, filing jointly) with ataxable income of $118,500?$17,539$17,500$17,949$17,494

Every person company, the firm has the responsibility to pay taxes to the government on income…

Answered: Using the tax rates for Married Persons…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 4CE

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Renee and Sanjeev Patel, who are married, reported taxable income of 1,008,000 for 2019. They incurred positive AMT adjustments of 75,000 and tax preference items of 67,500. The couple itemizes their deductions. a. Compute the Patels AMTI for 2019. b. Compute their tentative minimum tax for 2019.
Compute the 2019 AMT exemption for the following taxpayers. a. Bristol, who is single, reports AMTI of 650,000. b. Marley and Naila are married and file a joint tax return. Their AMTI is 1,528,000.
Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2019:
Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters joint 2018 tax return. So far, hes been able to determine the following concerning income and possible deductions: Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of 24,000 for married filing jointly applies.)
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Using the tax rates for Married Persons Filing Jointly for the Year 2018, what is the amount of federal income tax that is due for an individual (married, filing jointly) with a taxable income of $118,500? $17,539 $17,500 O $17,949 O $17,494