Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000.

Description


Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9.Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and intereston private activity bonds issued by the City of Los Angeles of $12,000. During 2017, they received a stateincome tax refund of $3,000 relating to their 2016 state income tax return on which they itemizeddeductions. Their expenses for the year consist of the following:Home mortgage interest (on acquisition debt) $ 9,000Interest on credit cards 2,000Real property taxes 3,000Cash contributions 15,000Unreimbursed employee business expenses 20,000State income taxes withheld 15,000Instructions:1. Prepare a schedule that shows the calculation of Dan and Maureen's regular income tax liability.2. Prepare a schedule that shows the calculate Dan and Maureen's tentative minimum tax liabilityassuming an AMT exemption amount of $84,500, before any phase-outs.3. Do Dan and Maureen have to pay AMT tax? Explain your answer.4. You must show supporting computations to receive credit.

Question

Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000.

  • Written in: 17-Oct-2019
  • Paper ID: 329245
Price: $ 15
 

Use the Order Now button below to Place a New Order for an Original, High-Quality Paper that passes all Plagiarism Checkers

Order Now




About this Question

STATUS

Approved

DATE ANSWERED

Oct 17, 2019

EXPERT

N/A

ANSWER RATING

Need Help with an Assignment?

Get Help with an Assignment

SSL Certificate website security