Calculate the exemption amount for the following cases in 2021 for a married taxpayer filing jointly and a married taxpayer filing separately. Click here to access the exemption table. If an amount is zero, enter a "0". MFS AMTI Case MFJ AMT Exemption AMT Exemption 1 $350,000 2 1,200,000 3 1,800,000

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Problem Renee and Sanjeev Patel, who are married, reported taxable income of $1,008,000 for 2022. They incurred positive AMT modifications of $142,500. Click here to access the exemption table. a. Compute the Patels' alternative minimum taxable income (AMTI) for 2022. 1,008,000 Taxable income Plus: Equals: AMTI AMTI b. Compute the Patel's tentative minimum tax. Computation of AMT Base and Tax 8) AMT modifications AMT exemption AMT base TMT $ 75,000 1,083,000 1,083,000

Each of the following taxpayers has 2022 taxable income before the standard deduction as shown. Determine from the tax table provided, the amount of the income tax (before an credits) for each of the following taxpayers for 2022: Taxpayer(s) Allen Boyd Caldwell Dell Evans Filing Status Single MFS MFJ H of H Single Taxable Income Before the Standard Deduction $34,600 37,175 62,710 49,513 57,397 Income Tax

Sh25

A married individual who is paid on a monthly basis, claims 3 federal withholding allowances, completed the pre-2020 Form W-4, and earns $1,495 has $_________ in federal income tax withholding when using the wage-bracket method.

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2. Determine from the tax table or the tax rate schedule, whichever is appropriated, the amount of the income tax for each of the following taxpayers for 2022. Taxpayer(s) Filling Status Single MFS Elisha Leo Tommy Emilia H of H Single Taxable Income Income Tax 74,580 $86,200 $20,350 $49,650 $ $ $12312

< Daniel's standard deduction for 2023 is $13,850. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2021) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: $ b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ he would benefit from 10:34

For a 24-year-old taxpayer with two dependents who is qualified to use the filing status of "head of household," what is the California AGI that will cause him to be required to file a tax return for 2022? a. $41,988 • b. $46,171 c. $58,724 • d. $40,000 Answer: a. $41,988