Rodrigo and Raquel Are Married with No Children and Reported

question 92

Essay

Rodrigo and Raquel are married with no children and reported the following items on their 2018 tax return:
?
$$\begin{array} { l r } \text { Adjusted gross income } & \$ 190,000 \\\text { Less: Deductions from adjusted } & \\\text { gross income } \\\text { Home mortgage interest } & \$ 10,500\\\text { State income taxes } & 13,000 \\\text { Property taxes } & 7,000\\\text { Charitable contributions }& 4,000\end{array}$$

Determine Rodrigo and Raquel's regular tax liability and, if applicable, the amount of their alternative minimum tax.

Recognize liabilities for short-term compensated absences based on vesting and accumulating conditions.

Familiarize with various employee benefits not covered by AASB 119/IAS 19.

Distinguish between accumulating and non-accumulating leave entitlements under AASB 119.

Understand the origin of actuarial gains or losses in defined benefit plans.

---

Definitions:

Urethra

The tube that conducts urine from the bladder to the outside of the body in both males and females, and also transports semen in males.

Concave Border

A term describing a curve or outline that curves inward, as seen in various anatomical structures.

Pelvis

A bony structure located at the base of the spine, composed of the pelvic bones (hip bones), sacrum, and coccyx, serving as the framework for the pelvis area and supporting the upper body's weight.

Reabsorption

The process by which the kidneys filter waste from the blood and reabsorb water and necessary substances back into the bloodstream.