Questions from Individual Taxation

Q: In 2018, Nadia has $100,000 of regular taxable

In 2018, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (ac...

Q: In 2018, Sven is single and has $120,000

In 2018, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, mortgage interest expense of $15,000...

Q: How was the income tax formula for individuals changed for 2018 by

How was the income tax formula for individuals changed for 2018 by the Tax Cuts and Jobs Act?

Q: Olga is married and files a joint tax return with her husband

Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under the following alternative circumstances? a. Her AMTI is $390,000. b. Her AMTI is $1,08...

Q: Corbett’s AMTI is $600,000. What is his AMT

Corbett’s AMTI is $600,000. What is his AMT exemption under the following alternative circumstances? a. He is married and files a joint return. b. He is married and files a separate return. c. His f...

Q: In 2018, Juanita is married and files a joint tax return

In 2018, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? a. Her AMT base is $100,000, all ordina...

Q: Steve’s tentative minimum tax (TMT) for 2018 is $245

Steve’s tentative minimum tax (TMT) for 2018 is $245,000. What is his AMT if a. His regular tax is $230,000? b. His regular tax is $250,000?

Q: In 2018, Janet and Ray are married filing jointly. They

In 2018, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray’s taxable income is $2,400,000, and they itemize their deductions as follows:...

Q: In 2018, Deon and NeNe are married filing jointly. They

In 2018, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe’s taxable income is $1,090,000, and they itemize their deductions as follows:...

Q: Brooke, a single taxpayer, works for Company A for all

Brooke, a single taxpayer, works for Company A for all of 2018, earning a salary of $50,000. a. What is her FICA tax obligation for the year? b. Assume Brooke works for Company A for half of 2018, e...