Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. myra doolittle, single, age 48, had net income of

Myra Doolittle, single, age 48, had net income of $109,000 from a business and two...

50.1K

Verified Solution

Question

Accounting

Myra Doolittle, single, age 48, had net income of $109,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $25,200. She also had $80,000 in salary income and received from her employer 10,000 options to buy stock at $18 when the market price was $20. Her itemized deductions consisted of the following:

State and local taxes 24,250 (remember the limit)

Property taxes 7,950

Mortgage interest(1st) 16,920

Charitable contrib. 8,930

Medical insurance/exp 26,950 before considering AGI floor

Assume this is for 2019 what is Myras tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students