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In 2020, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is...

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Accounting

In 2020, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is $1,090,000, and they itemize their deductions as follows: real property taxes of $10,000, charitable contributions of $30,000, and mortgage interest expense of $40,000 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference.

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Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 S 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 S66,543 plus 32% of the excess over $326,600 $414.700 $622,050 $94.735 plus 35% of the excess over $414.700 $622,050 $167,307.50 plus 37% of the excess over $622,050 EXHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $113,400 56,700 72.900 Phase-Out Begins at Phase-Out Complete This Level of AMTI for This Level of AMTI $1,036,800 $1,490,400 518,400 745,200 518,400 810,000 a. What is Deon and NeNe's AMT? Deon and NeNe's AMT

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