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

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14-42 a. Taxable income 70,000 PLUS: Tax preference 20,000 PLUS: AMT adj related to itemized 15,000 PLUS: exemptions (MFJ) 11,400 Alt Min Taxable Income 116,400 MINUS:MFJ AMT  70,950 AMT Tax base 45,450 AMT Tax rate 26% Tentive Tax liability 11,817 MINUS reqular tax liablity 9,863 AMT TAX LIABILITY  1,954  b. Taxable income 70,000 PLUS: Tax preference 20,000 PLUS: AMT adj related to itemized 15,000 PLUS: exemptions (MFJ) 3,650 Alt Min Taxable Income 108,650 MINUS:Unmarried AMT  46,700 AMT Tax base 61,950 AMT Tax rate 26% Tentive Tax liability 16,107 MINUS reqular tax liablity 13,681 AMT TAX LIABILITY  2,426  14-45 Taxable income 48,000 PLUS: Tax preference 20,000 PLUS: exemptions  3,650 subtotal: 71,650 Itemized deductions Charitable contributions 7,500 Medical expenses 2,500   Mortgage Interest  10,000 State and Real estate Tax 13,000 a. MINUS: Total Itemized deductions 33,000 Alt Min Taxable Income 104,650 MINUS:Unmarried AMT  46,700 AMT Tax base 57,950 AMT Tax rate 26% Tentive Tax liability 15,067 MINUS reqular tax liablity
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