Business, 08.05.2021 05:10 alyssaflores
The alternative minimum tax ("AMT") tax formula begins with and ends with .
Question 9 options:
1)
taxable income ("TI") ; AMT
2)
adjusted gross income ("AGI") ; AMT
3)
tentative minimum tax ("TMT") ; AMT
4)
None of the above
Why was the alternative minimum tax originally enacted into law?
Question 10 options:
1)
A study conducted in the 1960s found that hundreds of individual taxpayers with extremely high incomes had $0 in tax liability.
2)
The desire for tax simplification.
3)
Congress saw the need for a "parallel" tax system that would, in effect, levy a small tax on all taxpayers who make more than $20,000 a year.
4)
All of the above.
In 2020, Jimmy Joe Jackson had earned income of $14,400 and qualified for both a $300 nonrefundable tax credit and a $1,000 refundable tax credit. In 2020, he had no federal income tax withheld. Based solely on these facts, Jimmy Joe Jackson should receive a federal income tax refund of:
Question 11 options:
1)
$1,300
2)
$1,100
3)
$1,000
4)
$1,200
5)
None of these
In 2020, Jimmy "Jerry Jones" Johnson is over 65 years of age and has no dependents. His only income was his salary of $220,500. During the year, he made disbursements of the type that qualify as total allowable itemized deductions of $13,290. What is his standard deduction for 2020?
Question 20 options:
1)
$12,400
2)
$13,850
3)
$14,050
4)
$14,450
5)
None of these
Answers: 2
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Answers: 1
The alternative minimum tax ("AMT") tax formula begins with and ends with .
Question 9 options:<...
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