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Charlie's regular tax liability is $43,695. His tentative minimum tax is $58,304. He doesn't have any tax credits. What is the amount of Charlie's alternative minimum tax (AMT) and how much will he actually pay in tax for the current year?

Respuesta :

Answer:

a. AMT = $14,609

b. Tax to pay = $58,304

Explanation:

a, What is the amount of Charlie's alternative minimum tax (AMT)

AMT = Tentative minimum tax - Regular tax liability = $58,304 - $43,695 = $14,609

Therefore, Charlie's AMT is $14,609.

b. How much will he actually pay in tax for the current year?

Charlie will pay $58,304 for the current year since its tentative minimum tax is greater than his regular tax liability by $14,609.

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