Drake and Davina Are Married and File a Joint Return

question 99

Multiple Choice

Drake and Davina are married and file a joint return for 2019 with taxable income of $100,000 and tax preferences and adjustments of $65,000 for AMT purposes.Their regular tax liability is $13,717.What is the amount of their total tax liability?

• A)$13,858
• B)$42,900
• C)$25,575
• D)$13,717

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Definitions:

Specialized Journals

Accounting books or ledgers used to record and track transactions of a similar type, such as sales or purchases, for efficient processing.

Original Entry

Describes the initial recording of a financial transaction in the accounting records or journal, marking the first phase in the accounting cycle.

Specialized Journals

Accounting journals designed for recording specific types of financial transactions, streamlining the accounting process.

General Journal

A book or digital record used in double-entry bookkeeping to chronicle all financial transactions in chronological order, allowing for the tracking of all company transactions.