Jerusha Is Married and She Files a Separate Tax Return

question 20

Short Answer

Jerusha is married and she files a separate tax return in 2014. She claims two exemptions (2 × 3,950 = $7,900). She claimed the standard deduction for regular tax purposes ($6,200). She had no other adjustments. Her regular taxable income was $67,800. What is Jerusha's AMTI?

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Definitions:

Journalized

Refers to the act of recording financial transactions in the company's journal as part of the accounting process.

Accounting Period

A specific duration of time used by businesses for financial reporting and accounting purposes, such as a month, quarter, or year.

Date

A specific point in time that may refer to a day, month, and year, often used in documentation and scheduling.

Insurance Account

An account used to track payments for insurance policies and the portion of the premium that has been used (expired) or is still in effect (unexpired).