Question

Harmony reports a regular tax liability of $15,800 and tentative minimum tax of $17,880. Given just this information, what is her alternative minimum tax liability for the year

Answer 1

$2,000 is her alternative minimum tax liability for the year. Because Harmony's tentative minimum tax exceeds her regular tax, the $2,000 difference is her alternative minimum tax liability for the year.

What is Tax Liability?

• The amount that a person, company, or other entity owes to a federal, state, or local tax authority is known as their tax liability.
• The selling of an investment or other item that generates income generally results in the creation of a tax burden. When purchasing items, one may be required to pay a municipal or state sales tax. (Although several nations do, the United States does not impose a national sales tax.)
• If a person's overall tax debt was nil or if their income was too low to necessitate filing tax returns, they might not have any income tax burden.

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