Examlex
George and Meredith who are married,have a regular tax liability of $22,783 based on regular taxable income of $125,000.This year they generated tax preferences of $25,000,and positive adjustments attributable to limitations on itemized deductions of $18,700.In determining regular taxable income,they had claimed $12,150 of personal and dependency exemptions for themselves and their 20-year old dependent daughter.What is George and Meredith's alternative minimum tax for 2016?
Property Taxes
Taxes paid by property owners, based on the value of their property, to fund public services.
Depreciation Charges
The allocation of the cost of a tangible asset over its useful life for tax and accounting purposes.
Depreciation Conventions
Methods established by tax authorities to determine how much depreciation expense can be deducted, and when, for tax purposes.
Taxable Income
The portion of an individual's or entity's income that is subject to income tax after adjustments, deductions, and exemptions are accounted for.
Q7: Lana owned a house used as a
Q26: Each year a taxpayer must include in
Q33: The installment method is not applicable to
Q49: Shafiq, age 16, works part-time at the
Q74: In 2016, Richard, a single taxpayer, has
Q77: Hannah, a single taxpayer, sold her primary
Q115: The child credit is for taxpayers with
Q136: The portion of a taxpayer's wages that
Q141: A credit for rehabilitation expenditures is available
Q147: Amanda, whose tax rate is 33%, has