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Solution - Belk College Of Business

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Solution - Belk College Of Business Powered By Docstoc
					Tax Calculation

Salary                            116,000
Schedule C                          2,460
State Tax Refund                      200
Dividends                             800

Gross Income                      119,460
Less
 Alimony                          -10,000
 1/2 SE                              -174

AGI                               109,286
Less
  Itemized Deductions
                                   31,000
                                   78,286
Less
  Exemptions                       10,950

Taxable Income                     67,336

TAX - Regular
 Regular                            9,143   66536     7467.9       9,143
Dividends                               0
                                    9,143
AMT                                36,245
SE tax                                348

Child Credit                       -1,000
Child Care Credit                    -600

                                   44,136

AMT

Taxable Income                     67,336
Less State Refund                    -200
Add Back
  Itemized Deductions
    Exemptions           10,950
    Taxes                 7,600
    Home Equity           3,000    21,550
 ISO                              130,000
 Private Activity Bond              8,000


AMTI                              226,686                      Phaseout
Less Exemption                    -51,778   76,686   19171.5     51778.5
Net AMTI                          174,908

TAX
  Regular                         45,268    174,108
  Dividends                          120
                                  45,388     36,245 AMT over Regular Tax

Minimum Tax Credit

Taxable Income                    67,336
Less State Refund                   -200
Add Back
  Itemized Deductions
    Exemptions           10,950
    Taxes                 7,600    18,550
 Private Activity Bond              8,000
 Home Equity                        3,000
                                   96,686
Less Exemption                    -70,950
Net AMTI                           25,736

TAX
  Regular                          6,483     24936
  Dividends                            0
                                   6,483



                                  38,905     36,245

				
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posted:3/20/2011
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