Myra Doolittle, single, age 48, had net income of $109,000 from a business and two...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Myra Doolittle, single, age 48, had net income of $109,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $25,200. She also had $80,000 in salary income and received from her employer 10,000 options to buy stock at $18 when the market price was $20. Her itemized deductions consisted of the following:
State and local taxes 24,250 (remember the limit)
Property taxes 7,950
Mortgage interest(1st) 16,920
Charitable contrib. 8,930
Medical insurance/exp 26,950 before considering AGI floor
Assume this is for 2019 what is Myras tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.
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!
