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

Myra Dalrymple, 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 $28,200. She also had $80,000 in salary income and received from her employer 10,000 incentive stock 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)

Don't use plagiarized sources. Get Your Custom Essay on
State and local taxes 24,250 (remember the limit)
Just from $13/Page
Order Essay

 Property taxes 7,950 

Mortgage interest(1st) 16,920 

Charitable contrib. 8,930 

Medical insurance/exp 26,950 before considering AGI floor 

What is Myra’s tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
error: Content is protected !!
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code GOODESSAY