Question
In: Accounting
Yanni, a single individual, reports the following information for the tax year. Salary $113,800 State income...
Yanni, a single individual, reports the following information for the tax year.
|
Click here to access the exemption table. If required, round your answers to the nearest dollar.
Compute the following for Yanni.
| a. Regular taxable income: | $ |
| b. AMT base: | $ |
| c. Tentative minimum tax: | $ |
Solutions
Expert Solution
(a) Regular taxable income = $87559
Salary $113800
Interest Income $1707
Less: State Income Taxes ($11380)
Less:Mortgage Interest Expense ($10242)
Less:Charitable Contributions ($2276)
Less:Personal Exemption ($4,050)
Taxable Income $87559
(b).AMT base = $102989
Taxable Income (before exemptions) $91609
Plus: Adjustments (State Income Taxes) $11380
Equals: AMT $102989
(c)Tentative minimum tax = $12841
Subtotal $1,02,989
Less: AMT exemption $53600
AMTI $49389
Tentative minimum tax (26%) $12841
ekkarill92 answered 11 months agoRelated Solutions
Exercise 15-20 (Algorithmic) (LO. 5) Yanni, a single individual, reports the following information for the tax...
Exercise 15-20 (Algorithmic) (LO. 5)
Yanni, a single individual, reports the following information
for the tax year.
Salary
$115,600
State income taxes
11,560
Mortgage interest expense
10,404
Charitable contributions
2,312
Interest income
1,734
Personal exemption
4,050
Click here to access the exemption table. If required, round
your answers to the nearest dollar.
Compute the following for Yanni.
a. Regular taxable income:
$
b. AMT base:
$
c. Tentative minimum tax:
$
Write a program that determines the income tax rates for a state. Tax rates are based on the salary according to the following table:
in java
Code Problem 2
Write a program that determines the income tax rates for a state. Tax rates are based on the salary according to the following table:
0 – 25000 Dollars 10%
25001 - 50000 Dollars 15%
50001 - 75000 Dollars 20%
Over 75000 Dollars 35%
Write the program so that it asks the user how many taxpayers should be processed and use the number of taxpayers to control the end of the program. For each taxpayer, you will need to input the...
B is single and reports the following items of income and deductions for the current year:...
B is single and reports the following items of income and
deductions for the current year:
Salary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . $ 50,000
Net long-term capital gain on sale of investment property. . . . .
....
Recording Income Tax Expense The Boeing Company reports the following tax information in Note 4 to...
Recording Income Tax Expense
The Boeing Company reports the following tax information in Note 4
to its 2014 financial report.
Year ended December 31
2014
2013
2012
Current tax expense
U.S. federal
$775
$-84
$756
Non-U.S.
93
78
63
U.S. state
71
13
21
939
7
831
Deferred tax expense
U.S. federal
927
1,630
1,308
Non-U.S
36
43
(15)
U.S state
(7)
71
85
956
1,744
1,378
Total income tax expense
$1,895
$1,751
$2,209
a. Record Boeing's provision for income...
Recording Income Tax Expense The Boeing Company reports the following tax information in Note 4 to...
Recording Income Tax Expense
The Boeing Company reports the following tax information in Note 4
to its 2014 financial report.
Year ended December 31
2014
2013
2012
Current tax expense
U.S. federal
$775
$-84
$756
Non-U.S.
93
78
63
U.S. state
71
13
21
939
7
831
Deferred tax expense
U.S. federal
927
1,630
1,308
Non-U.S
36
43
(15)
U.S state
(7)
71
85
956
1,744
1,378
Total income tax expense
$1,895
$1,751
$2,209
a. Record Boeing's provision for income...
. An individual reports $100,000 on his personal income tax return, and is audited. The audit...
. An individual reports $100,000 on his personal income tax
return, and is audited. The audit concludes with an assessment
alleging that the taxpayer failed to report an additional $30,000
of income. The statute of limitations to assess the taxpayer is
three years. True or False.
One year, an accountant prepared individual income tax returns for 439 clients. For these individual tax...
One year, an accountant prepared individual income tax returns
for 439 clients. For these individual tax returns, completion of
the following schedules was required: 298 required schedule A
(itemized deductions), 256 required schedule B (interest and
ordinary dividends), 167 required schedule C (business income), 212
required schedules A and B, 87 required schedules A and C, 61
required schedules B and C, and 54 required schedules A, B and C.
Draw a Venn diagram to illustrate this situation. How many...
Tax Rates. Lillian, a single taxpayer, had the following income and deductions for the tax year...
Tax Rates. Lillian, a single taxpayer, had the following income
and deductions for the
tax year 2018:
INCOME: Salary $ 90,000
Business Income 24,000
Interest income from taxable bonds 8,000
Tax-exempt bond interest 4,100
TOTAL INCOME 126,100
DEDUCTIONS:
Business expenses $ 9,000
Itemized deductions 15,000
TOTAL DEDUCTIONS 24,000
a. Compute Lillian’s taxable income and federal tax liability
for 2018 (round to dollars).
b. Compute Lillian’s marginal, average, and effective tax
rates.
c. For tax planning purposes, which of the three...
2018 Form 1040 Gross Income Salary 65,000 Interest Income 1,700 Dividend Income 2,200 State Income Tax...
2018 Form 1040
Gross Income
Salary
65,000
Interest Income
1,700
Dividend Income
2,200
State Income Tax Refund
1,100
Schedule C Net Income
3,050
Schedule D Recognized Gain (Loss)
1,200
Gross Income
74,250
Deductions for AGI:
Self-employment Tax Deduction
215
Deductions For AGI
215
Adjusted Gross Income
74,035
Deductions from AGI:
Medical Expense Deduction
0
Sales Tax Deduction
0
State Income Tax Deduction
1,954
Real Estate Tax Deduction
1,766
Mortgage Interest Expense Deduction
3,845
Credit Card Interest Expense Deduction
0
Charitable...
2013 Individual Tax Rates Single Individuals If a Corporation's Taxable Income Is It Pays This Amount...
2013 Individual Tax Rates
Single Individuals
If a Corporation's Taxable Income Is
It Pays This
Amount on the
Base of the Bracket
Plus This Percentage
on the Excess over the
Base (Marginal Rate)
Average Tax
Rate at
Top of Bracket
Up to $8,925
$0
10.0%
10.0%
$8,925 - $36,250
892.50
15.0
13.8
$36,250 - $87,850
4,991.25
25.0
20.4
$87,850 - $183,250
17,891.25
28.0
24.3
$183,250 - $398,350
44,603.25
33.0
29.0
$398,350 - $400,000
115,586.25
35.0
29.0
Over $400,000
116,163.75
39.6...
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