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

question 17

Essay

Wallace and Clarice (both age 45) have combined salary and wages of $90,000. They each contribute $3,000 to a Roth IRA and take the standard deduction when they file jointly in 2017. If they have a $60,000 preference item, what is their alternative minimum tax?

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Definitions:

Employees

Individuals hired by an organization to perform specific duties in exchange for compensation.

Conflicts

Disagreements or clashes between ideas, interests, or parties, potentially leading to disputes or confrontations.

Prohibited Practices

Activities or actions that are explicitly forbidden by law or regulation, often to protect health, safety, or fairness.

Coaching Tip

Advice or strategy provided by a coach aiming to improve the performance or skills of an individual or team.