Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2020, deon and nene are married filing jointly.

In 2020, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is...

50.1K

Verified Solution

Question

Accounting

In 2020, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is $1,090,000, and they itemize their deductions as follows: real property taxes of $10,000, charitable contributions of $30,000, and mortgage interest expense of $40,000 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference.

image

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 S 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 S66,543 plus 32% of the excess over $326,600 $414.700 $622,050 $94.735 plus 35% of the excess over $414.700 $622,050 $167,307.50 plus 37% of the excess over $622,050 EXHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $113,400 56,700 72.900 Phase-Out Begins at Phase-Out Complete This Level of AMTI for This Level of AMTI $1,036,800 $1,490,400 518,400 745,200 518,400 810,000 a. What is Deon and NeNe's AMT? Deon and NeNe's AMT

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In our review of fluids this week, particularly of fluids in motion, we have come across...

Physics
Q

Describe the Functional Model of Decision Making. Pick two of the steps in the decision making...

General Management
Q

home / study / business / finance / finance questions and answers / kenny electric company's...

Finance
Q

Close Reading of the PrologueInstructions: Complete the assigned tasks for each of the sections of...

Biology
Q

A light bulb and an inductor coil are connected to an ac source through a...

Physics
Q

Solve the following equation on the interval[0, 360). Separate multiple answers with a comma. Remember...

Basic Math
Q

In February, its first month of operations, a retailer made the following inventory purchases. Purchased...

Accounting
Q

I need help determining gross receipts, returns and allowances, interest, net gain and loss, and...

Accounting
Q

Which of the following is not a period cost? Multiple Choice Advertising expense Shipping expense...

Accounting
Q

Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of...

Accounting
Q

PART 2 (65 marks) Estimate the CAPM for your stock. The formula for the CAPM...

Finance
Q

You purchased a home for $461447. You are paying 10% down and financing the rest....

Finance