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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?


Definitions:

Approach Motivation

The drive to move towards, or to seek out, positive outcomes or experiences.

Neuroticism

Qualities within a person that manifest as anxiousness, fear, emotional variability, concern, enviousness, frustration, possessiveness, and solitude.

Extraversion

A personality trait characterized by outgoingness, high levels of activity, and energy, and a tendency to seek stimulation in the company of others.

Avoidance Motivation

A type of behavior aimed at avoiding negative outcomes, failures, or punishments, as opposed to seeking positive outcomes.

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