What amount jones report as minimum taxable income

Assignment Help Accounting Basics
Reference no: EM132115600

Question - Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Jones had no tax preferences. His itemized deductions were as follows:

State and local income taxes $5,000

Home mortgage interest on loan to acquire residence 6,000

Miscellaneous deductions exceeding 2% of AGI 2,000

What amount did Jones report as alternative minimum taxable income before the AMT exemption?

Reference no: EM132115600

Questions Cloud

What is the balance in additional paid-in capital : Zigma corporation is authorized to issue 2,000,000 shares of $4 par value capital stock. What is the balance in additional paid-in capital
What is eugene taxable income : He has no deductions for adjusted gross income. Eugene's itemized deductions are $11,200. What is Eugene's taxable income
Identify an individual or family crisis experience in life : Identify an individual or family crisis experience in your life. You may be able to identify one immediately or you may have to give this some thought.
How is restricted cash handle in the balance sheet : What is segregation of duties? Give an example of functions that should be separated. How is restricted cash handle in the balance sheet
What amount jones report as minimum taxable income : Home mortgage interest on loan to acquire residence 6,000, What amount did Jones report as alternative minimum taxable income before the AMT exemption
Prepare a monthly cash budget for the three-month period : The firm has a monthly rental expense of $5,000. Prepare a monthly cash budget for the three-month period ending in December
Short and long-term implications of our decisions : How do you feel the influence of emotions impact the ability to focus on both short and long-term implications of our decisions?
How might role model influence your decision-making process : How might a role model influence your decision-making process in your career path?
Discuss the influence the reporting activities : Discuss the influence the reporting activities may have on the firm’s management, and explain whether you believe these practices are ethical.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What actions would you take if it truly were a bug

You are using a new release of an application software package. You think that you have discovered a bug. Outline the approach that you would take to confirm that it is indeed a bug. What actions would you take if it truly were a bug?

  What effect would accepting this order have on the companys

miyamoto jewelers is considering a special order for 10 handcrafted gold bracelets to be given as gifts to members of a

  Jan 1 retired a piece of machinery that was purchased on

jan. 1 retired a piece of machinery that was purchased on january 1 2002. the machine cost 62000 and had a useful life

  Define the accounting equation

Define the accounting equation. Define, explain, and example the following: Asset, Liability, Equity, Revenue, and Expense.

  A company makes telescopes all direct materials used inthe

a company makes telescopes. all direct materials used inthe production of telescopes are added at the beginning of

  How much did the company collect in cash from debtors

How much did the company collect in cash from debtors during 2006? How much sales would have been reported by the company in 2006 if Byfort would have been using cash accounting and not accrual accounting?

  Determine the amounts to be recorded on the books of darby

darby sporting goods inc. has been experiencing growth in the demand for its products over the last several years. the

  Discuss the graduate economics courses

Determine the activity cost of instruction per student in both the introductory and the graduate economics courses

  What is a major advantage of multiple-step income statement

What is a major advantage of the multiple-step income statement over the single-step income statement? Prepare a multiple-step income statement for year ended.

  In january 2007 installation costs of 8000 on new machinery

in january 2007 installation costs of 8000 on new machinery were charged to repair expense. other costs of this

  Think about having celebrities and filmmakers being spoke

What do you think about having celebrities and filmmakers being the spokespeople for indigenous peoples?

  Determined that the market value of the land

Determined that the market value of the land

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd