Wallace and Clarice (Both Age 45) Have Combined Salary and Wages

question 61

Essay

Wallace and Clarice (both age 45) have combined salary and wages of $114,900. They each contribute $3,000 to a Roth IRA and take the standard deduction when they file jointly in 2018. If they have a $60,000 preference item and the AMT exemption is $109,400, what is their alternative minimum tax?

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Definitions:

Sustainable Organization

An entity that operates in a way that is environmentally responsible, socially beneficial, and economically viable over the long term.

Effective Teamwork

The collaborative effort of a group to achieve a common goal or task efficiently and creatively.

Organizational Behaviour

The study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself.

Adapt to Change

The ability to adjust and modify oneself or one's processes in response to alterations in the surrounding environment or conditions.