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dani2997
dani2997
08.05.2021 • 
Business

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Why was the alternative minimum tax originally enacted into law?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

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