Less: 7.5% x $158,000 (11,850) $ 2,150 Home mortgage interest 13,500 Home equity loan (for college education) 9,000 State income taxes 11,000 Property taxes 6,500 Charitable contributions 7,000 Miscellaneous itemized deduction $ 4,000 Less: 2% x $158,000 (3,160) 840 Total Itemized deductions (49,990) Less: Exemptions (4 x $3,650) (14,600) Determine Joan and Matthew's regular tax liability and, if applicable, the amount of their alternative minimum tax. Write a memo to Joan and Matthew explaining the adjustments they will have to make in computing their alternative minimum tax. 82. Determine the AMT exemption amount for each of the following taxpayers: a. Nominal Corporation has an alternative minimum taxable income of $140,000. b. Janine is a single individual with an alternative minimum taxable income of $155,000. c. Jagged Corporation has an alternative minimum taxable income of $220,000. d. Peter and Wendy have an alternative minimum taxable income of $110,000. e. Popup Corporation has an alternative minimum taxable income of $900,000.
Less: 7.5% x $158,000 (11,850) $ 2,150 Home mortgage interest 13,500 Home equity loan (for college education) 9,000 State income taxes 11,000 Property taxes 6,500 Charitable contributions 7,000 Miscellaneous itemized deduction $ 4,000 Less: 2% x $158,000 (3,160) 840 Total Itemized deductions (49,990) Less: Exemptions (4 x $3,650) (14,600) Determine Joan and Matthew's regular tax liability and, if applicable, the amount of their alternative minimum tax. Write a memo to Joan and Matthew explaining the adjustments they will have to make in computing their alternative minimum tax. 82. Determine the AMT exemption amount for each of the following taxpayers: a. Nominal Corporation has an alternative minimum taxable income of $140,000. b. Janine is a single individual with an alternative minimum taxable income of $155,000. c. Jagged Corporation has an alternative minimum taxable income of $220,000. d. Peter and Wendy have an alternative minimum taxable income of $110,000. e. Popup Corporation has an alternative minimum taxable income of $900,000.