Chapter 14 homework - 1442 a. Taxable income PLUS: Tax...

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Unformatted text preview: 1442 a. Taxable income PLUS: Tax preference PLUS: AMT adj related to itemized PLUS: exemptions (MFJ) Alt Min Taxable Income MINUS:MFJ AMT AMT Tax base AMT Tax rate Tentive Tax liability MINUS reqular tax liablity AMT TAX LIABILITY Taxable income PLUS: Tax preference PLUS: AMT adj related to itemized PLUS: exemptions (MFJ) Alt Min Taxable Income MINUS:Unmarried AMT AMT Tax base AMT Tax rate Tentive Tax liability MINUS reqular tax liablity AMT TAX LIABILITY 70,000 20,000 15,000 11,400 116,400 70,950 45,450 26% 11,817 9,863 1,954 70,000 20,000 15,000 3,650 108,650 46,700 61,950 26% 16,107 13,681 2,426 b. 1445 a. b. 1448 Taxable income PLUS: Tax preference PLUS: exemptions subtotal: Itemized deductions Charitable contributions Medical expenses Mortgage Interest State and Real estate Tax MINUS: Total Itemized deductions Alt Min Taxable Income MINUS:Unmarried AMT AMT Tax base AMT Tax rate Tentive Tax liability MINUS reqular tax liablity AMT TAX LIABILITY 48,000 20,000 3,650 71,650 7,500 2,500 10,000 13,000 33,000 104,650 46,700 57,950 26% 15,067 8,181 6,886 a. Salary Salary for serving XYZ corp board Consulting gross income Expenses related to consulting Selfemployment tax base Selfemployment tax rate Selfemployment tax Salary Salary for serving XYZ corp board Consulting gross income Expenses related to consulting Selfemployment tax base Selfemployment tax rate Selfemployment tax 20,000 0 9,000 15000 14,000 15.3% 2,142 110,000 0 9,000 15000 104,000 15.3% 15,912 b. 1449 Beckys regular tax liability Work oppurtunity credit Child and dependent credit Reasearch credit Business energy credit Total 13,800 1,000 1,200 14,000 600 16,800 2800 a. b. c. 1450 Total personal tax credits? 1,200 Total Buniness tax credits? 4,400 what treatment is accorded to the unused tax credits for the current year? 11,200 to be allocated over the remaining 4 years ...
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This note was uploaded on 05/02/2011 for the course FINANCE 4300 taught by Professor Smith during the Winter '11 term at Cumberland County College.

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Chapter 14 homework - 1442 a. Taxable income PLUS: Tax...

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